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Thursday, 8 January 2015

Gold XAUUSD H4









General overview for 08/01/2015:

The current wave progression might develop in two possible ways:
 - the first scenario indicates a possible impulsive wave progression to the upside, where wave i-ii had been made already and now wave -i- is done as well, so the corrective structure (a)(b)(c) must be completed now to continue with the upward progression. The level of 1141.14 CAN NOT be violated!
- the second scenario indicates a possible continuation of the downside move in order to complete wave 5 black. In that case the level of 1255.34 CAN NOT be violated!

Support/Resistance:
1130 - Swing Low
1141 - Invalidation Line
1145.35 - WS2
1166.13 - WS1
1188.02 - Weekly Pivot
1209.02 - WR1
1231.13 - WR2
1252.13 - WR3
1255.34 - Invalidation Line

Trading recommendations:
Please refrain from trading and wait for the important level to be broken.


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