To cut it short, I think this chart is very nicely "created" for Elliottians to analyze. To me most of the extensions and retracements are well inline with Elliott wave principles.
XAUUSD - Daily
Resistance and Support:
R1=1720
R2=1746
S1=1667
S2=1625
Waveform: Wave 5 of Wave A is in progression and might be ending at 1667 (61.8% of greater degree wave 1) region. Watch for turn.
Indicators: The MACD is still below the zeroline and RSI is also still sloping downwards.
XAUUSD - 4Hrs
But if you were to look closer on the 4 hr chart and look at the internals of the five wave down Wave A . It is not that simple.
Wave form: In this 4 hour chart, we can see that the 161.8% of subwave 4 (of larger degree Wave A) has just been tested and price might hover around this region. If broken down, we will see more selling to reach 1652 which is 261.8% of subwave 4.
These levels will be level which i will look into and wait for reversal for entry on the long side.
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