- Gold is currently sitting on a strong support level on the weekly chart!
- We have a great confluence here – an ascending parallel channel + 200 weekly moving average + bullish rectangle .
- 200 weekly MA is considered as a very strong support by huge institutions and hedge funds.
- ABC correction + Wave (4) have been completed, so we can start a new impulse wave from here!
- I think this will be the final impulse wave and then we can go back to retest the rectangle from the upside.
- You can place your profit target to the TOP of the parallel channel , but do not forget to switch to a LOG scale.
- https://www.tradingview.com/chart/XAUUSD/0rXlz0BK-Gold-XAU-New-bull-market-just-started-Elliott-Wave-Channel/
Gold XAU – New bull market just started! Elliott Wave + Channel
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Tolberti
Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.