As per auction theory we witness the Normal day,Normal days are often caused by a news announcement early in the trading session that triggers a strong other timeframe reaction, driving
price quickly in one direction.
So this week we may witness some one side move in gold price.
As per NEo Wave In last week we reach near the first target.And we witness some littel bounce from Weekly Demand Zone.(Check Last Image For NEo Wave Target and Eight Image for Demand Zone)
NEo Wave Logic For Week::
For this Week 1175.40 and 1147.70 are two important levels this are the high and low of last week.price quickly in one direction.
So this week we may witness some one side move in gold price.
As per NEo Wave In last week we reach near the first target.And we witness some littel bounce from Weekly Demand Zone.(Check Last Image For NEo Wave Target and Eight Image for Demand Zone)
NEo Wave Logic For Week::
- As i have told in my last weekly report,There is the two possiblities possible in last week one is either more complex correcting or post pattern implication of double zigzag.
- To confirm which possibility is going on i have after the breaking of trendline more complex correction will come.
- And after the breaking trendline we witness the fall in gold price as a Wave-A of zigzag,Triangle,or Flat.
- From last two weeks we witness the Wave-X, Which very complex wave to detect.But after the last sessions fall i can say its X-Wave.
- In last week we witness the Wave-B and Wave-C Of zigzag.
- In lower time frame we can see the Flat correction in the place of Larger Wave-B.(Check Second Image)
- For this week two secenarios are possible,One is either we will get the post pattern implication of Zigzag or We will get the Wave-X and after that more fall in gold price.
- So,How to trade this two scenarios,
- Its simple if price broken Last week low then initiate the new sell position,And if last Weeks High broken then we will see some upside in gold price.
Above high we can see some upside and below low price will go to reach our targets like 1127.17 and more.
We can see the trendline on 4hourly chart one can buy above this trendline on closing basis.
Market Profile::
Daily-
VAH-1163.69
VAL-1151.86
Hourly-
VAH-1158.84
VAL-1153.07
POC-1155.96
Weekly Demand-Supply Zone::
We have seen the price reversal from exact last weekly Demand Zone,but we cant say support taken from demand zone because we didnot get an faster retracement form the low.
Demand Zone::1149.46-1131.67
Supply Zone::1209.34-1196.33
If any zone broken in this week i will update next zone on my facebook page.
Gold price is below all SAR level as well as Pivot levels so major weakness is there.
Gold price is Below all SAR levels so major weakness is there,above Daily and 4Hourly SAR level minor strength may come.
(For SAR level check second last image)
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Happy Disciplined Trading.
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