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XAUUSD (Gold) wave analysis: 4hr tf: Bearish bias

Previous post on Gold (XAUUSD) can be found here:

It was mentioned in the previous post that the only bullish scenario that is favored would be after price closed above the topmost resistance line of ~$1325.73 in last week’s post.

It was also mentioned that price breaking below ~ $1301.61 which is the low for XAUUSD on May 1, 2018 meant XAUUSD could possibly target ~$1251.97. Price swing from ~1352.19 (April17,2018) to ~$1303.84 on Ma 1, 2018 is identified in this analysis as a wave W of a double zigzag (W-X-Y) Elliott wave structure.

XAUUSD (Gold) Elliott wave analysis on the 4 hr tf

The 4hr tf as updated in this post that XAUUSD (Gold) could possibly reach ~1247.10 which is close to the target mentioned last week (~1251.97) for XAUUSD (Gold).

$1247.10 used here as a target is based on wave Y = 161.8% wave W, which is acceptable for a wave Y is a double zigzag Elliott wave structure.

Intraday target (resistance) is shown on the 4hr have been updated and are indicated by the horizontal red lines. Any bullish swing upwards is expected to target this region.  Price level of the horizontal red lines are given below.

~1308.13 and 1308.43

~1301.47 and 1301.51

~1305.64 and 1305.57

Point of invalidation of the analysis (POI) is a price close above ~$1324.26 which would invalidate the formation of the Elliott wave structure described above.

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Elliott wave analysis of Ripple (XRPUSD) 4hr tf

Previous post on Ripple (XRPUSD) can be found here:

It was mentioned in the previous post that Ripple (XRPUSD) would likely resume an uptrend after consolidating above Support area 2 which coincides with the 0.618% retracement of the uptrend from ~$0.47 to a price close of ~$0.87 on April 20, 2018.

Wave analysis of Ripple (XRPUSD)

Price action from ~$0.66 on May 11, 2018 till the time of this post is shaping up to be a regular flat Elliott wave structure. Completion of the structure should see XRP target between ~$0.74 and $0.77. Also adding to a bearish scenario is the presence of the 38.2% (~$0.75) retracement coinciding with the Target area as shown on the chart.

The implication of the completion of the Elliott wave structure implies that more selling awaits XRPUSD. Any consideration of a long (buy) position is safer on a breakout about ~$0.81which is marked as POE (point of entry) on the chart.

Point of invalidation (POI) for the current analysis is placed below support area 2.