Hello traders, GOLD in 1-hour timeframe, this analysis was prepared in 1-hour timeframe but has been published for a better view in 2-hour timeframe.
Gold is still inside its second wave, wave 2 is inside wave b. We assumed that wave b formed as a triangle and then with the complete failure of the lower side of the triangle we will have a downward motion to form wave c .
If this candlestick is not closed below the upper side, the triangle will be rejected.
In the next probability, wave b is formed in a zigzag pattern, but this zigzag should not move beyond the specified 0.618 Fibonacci, and the last wave, ie the same wave, ends a little higher near the previous ceiling and near Fibonacci 0.618, and the descent begins.
If the Fibonacci 0.618 is completely broken, the climb will continue for a small amount, up to the end of the wave 1.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
Gold is still inside its second wave, wave 2 is inside wave b. We assumed that wave b formed as a triangle and then with the complete failure of the lower side of the triangle we will have a downward motion to form wave c .
If this candlestick is not closed below the upper side, the triangle will be rejected.
In the next probability, wave b is formed in a zigzag pattern, but this zigzag should not move beyond the specified 0.618 Fibonacci, and the last wave, ie the same wave, ends a little higher near the previous ceiling and near Fibonacci 0.618, and the descent begins.
If the Fibonacci 0.618 is completely broken, the climb will continue for a small amount, up to the end of the wave 1.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️