We are probably going to see the bottom of Gold very very soon, like either today or some time this week!
Here's why:
1) White 12345 = Leading Diagonal Wave 1 pattern on Daily chart
2) Yellow ABC = Classic ABC pullback (where we are at right now!)
So, I'm forecasting that it will drop to the Demand Zone before shooting up!
3) Green 12345 = Weekly's impulse wave = Monthly's 3rd wave up
Let's unpack point 3 a little bit more.
1) Monthly's low is back in Mar'21. That's following an ABC correction, which means beginning of Wave 1.
2) The sharp selloff at the beginning of August marks the completion of wave 2.
3) Hence, we are seeing the beginning of Wave 3 now i.e. a 12345 Weekly impulse waves.
(Decided to add in the blue lines to show you the Monthly 1 & 2 but in the 12345 + ABC waves count in Weekly)
So, I think we should see 1940-1960 by year end and then 2000-2100 by 1H of 2022.
This means the stock market is going to be bumpy in the next 6-9 months. But this is a topic for another time :)
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
Here's why:
1) White 12345 = Leading Diagonal Wave 1 pattern on Daily chart
2) Yellow ABC = Classic ABC pullback (where we are at right now!)
So, I'm forecasting that it will drop to the Demand Zone before shooting up!
3) Green 12345 = Weekly's impulse wave = Monthly's 3rd wave up
Let's unpack point 3 a little bit more.
1) Monthly's low is back in Mar'21. That's following an ABC correction, which means beginning of Wave 1.
2) The sharp selloff at the beginning of August marks the completion of wave 2.
3) Hence, we are seeing the beginning of Wave 3 now i.e. a 12345 Weekly impulse waves.
(Decided to add in the blue lines to show you the Monthly 1 & 2 but in the 12345 + ABC waves count in Weekly)
So, I think we should see 1940-1960 by year end and then 2000-2100 by 1H of 2022.
This means the stock market is going to be bumpy in the next 6-9 months. But this is a topic for another time :)
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
