Last week XAUUSD did not go lower from the Daily FVG. It only made a correction to the 23.6 fib retracement and it’s in a wave 4.
All of this made me adjust the wavecount and the pattern.
I think it made a Triangle (wave 4) which is now finished and price made the next impulsive wave for wave 5.
So if this is correct, then next week we could see a correction down and more upside.
Let’s see what price does and react.
Trade idea: Wait for a small correction down, a change in orderflow to bullish on a lower timeframe and trade longs.
Gold Spot / U.S. Dollar
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