XAUUSD Weekly NEo Wave Plot (16/02/2015)

From last two weeks we witness the fall as well as sideways moves in gold price,I think this will stop in this week. We are witnessing bounce from last weekly demand zone.Gold is broken two important levels in last week but it is unable to give the close below 1221.32 and we witness the bounce from low.

NEo Logic For Week:

• After the given :L3 label at top of the expanading triangle we witness the fall in gold price,Which is come in impulsive in nature.
• We witness the impulsive five wave structure in gold price from last two week.
• Now there is two possible scenario, One is either it is Five wave impulse structure or it is a double corrective pattern.
• Now we will see how to identify which scenario is going on,If in this week price breaks 1215.77 then we can see the more fall in gold price,then i have to give the label is 5-3-5 and X-Wave.
• If price broken 2-4 line with some faster upside move then we can see its impulsive structure Its first confirmation of impulsive pattern.
• Second confirmation of impulsive pattern is price must go above the 4th wave with some faster movement,That means if in this week if price goes above 1245.90 in faster manner then we can see the more upside in gold prices which may lead the price above 1315 and more.
• Another possitive point i have to add which is,We can see the exact bounce from last weekly demand zone,And this is in faster manner.
• So i will suggest to all followers to wait till either break of 2-4 line or wait to break the low of previous week to initiate the position on any side.
• We can see the upper trendline resistance on 4hourly chart.

In short in this week one can initiate the buying position after 2-4 line breakout or above 1245.90 for target above 1310 and more,If price breaks 1215.77 then initiate the sell position which may leads the targets like 1180 and more.
On can initiate the long above upper trendline breakout of 4hourly simple candlestick chart.
Buy on every dips is recommanded till price break and give close below 1215.77(Close below this level for 4hourly chart is needed for downside move confirmation)

Weekly Demand-Supply Zone::
In last week we witness the exact reversal from weekly demand zone and we witness the faster upside in gold price.
Supply Zone::1319.25-1308.64
Demand Zone::1216.45-1204.58
If any one of this zone breaks then i will update next weekly zone in my facebook page.

Gold price is below all key moving averages as well as pivot levels,So minor weakness is there.
Gold price is above Weekly and 4hourly SAR level so minor strength is there,Above daily SAR level more strength will come.Above Monthly SAR level major trend may change.
(For SAR level check last image)
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