XAUUSD Weekly NEo Wave Plot (23/02/2015)

In last weekly report i was told below 1221 we can witenss the more fall in gold price and we witness the same.
Check Last weekly report
This is very important week to decide the trend for next month.

NEo Logic For Week::

• We are witness the Expanding Trianguler move in gold price from last 2/3 months.
• After i have given :L3 label at top we witness the fall in gold price.
• The fall from 1307.65 to 1197.65 takes 10 Time Unit means,Fall takes 5 Weeks.
• The fall from 1307.65 to 1197.65,in last week i have given impulsive label to all this fall but in last week witness the price below the 1221 thats why we have to go with the alternative label.
• So what is my alternative label?? Till today its Double Zigzag,Or we can say double corrective pattern.
• Now there are two possiblities for this week,One is Either we will get an post pattern implication of Double zigzag Which may leads 80% retracement.Or second possibliti is we will get the another one corrective pattern which may leads more fall in gold price.
• If in this week we witness the second possiblity then i have to change the label of Expanding Triangle,Otherwise i will go with Expanding Triangle.This is my alternative view
•  For this week my preffered scenario is,We will get the post pattern implication of Double Zigzag,
• Why Its Preffered Scenario???? There is two reasons for this If my larger count of Expanding Triangle is correct then we will never break the low of Wave-E Which is 1167.48 and another one reason is there is trendline support as well as Demand zone near 1191.22

So,For this week 1191.22 is very important level this level will descide the trend for next few weeks ,and my preffered scenario is if price hold 1191.22 then we can see the targets like 1239.67/1265.63/1285.65 and more and if unable to hold 1191.22 then we can see the more fall in gold price. (Check First Chart)
Time Frame For Target 1285.65 is 2.5 Week.
We can see the trendline resistance on Daily Chart.(Check Second and Forth Chart)
We can also see the trendline resistance on Lower time frame 4Hourly Chart one can go long above the trendline.(Last session falls break of this trendline)(Check third and fifth chart)

Weekly Demand-Supply Zone::
Price is trading very near to weekly demand zone,If this demand zone break then i will update next demand zone on my Facebook page you can get link of facebook page at downside of this report.
Demand Zone::1194.73-1167.48
Supply Zone::1236.59-1227.51

Gold price is below all weekly and daily key moving averages,so short term weakness is there.
Gold price is below all SAR level ,Above Daily and 4hourly SAR level minor strength will come.
Keep eyes on Weekly SAR level above this level long term trend may change.
(For SAR level check last image)
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