Gold corrective deline before another impulsive rise
It is possible setup is forming in GOLD for a short position.
Under the Basic scenario, there was wave 4 (flat shape). There is a first impulse to the upside has been finished, not the corrective decline in the process. As usual fibo levels are used for the possible end of the correction (50%-61.8%).
The Alternative scenario has the same direction from the short-term perspective, but in the long run, there is supposed to be a triangle where Gold only finished the first wave ((a)).
Under the Basic scenario, there was wave 4 (flat shape). There is a first impulse to the upside has been finished, not the corrective decline in the process. As usual fibo levels are used for the possible end of the correction (50%-61.8%).
The Alternative scenario has the same direction from the short-term perspective, but in the long run, there is supposed to be a triangle where Gold only finished the first wave ((a)).
Comment:
Structure develops. I made a switch between Basic and Alt.
That is the deepness of the decline and not that clearly impulsive rise before made me to do so.
SO no Basic - more decline in wave (ii)
ALT - wave ii is about to end and supposed to be rise within upcoming trading session.
That is the deepness of the decline and not that clearly impulsive rise before made me to do so.
SO no Basic - more decline in wave (ii)
ALT - wave ii is about to end and supposed to be rise within upcoming trading session.
Comment:
Structure develops
Basic - change of the labeling. It is still possible to have wave (ii). But three is a very limited space for the decline from here.
Alt - wave (b) is close to the end.
The price is supposed to rise under both scenarios. But there is still no clear impulse up and corrective three waves down yet. It is better to wait for it before taking any attempt to long.
Basic - change of the labeling. It is still possible to have wave (ii). But three is a very limited space for the decline from here.
Alt - wave (b) is close to the end.
The price is supposed to rise under both scenarios. But there is still no clear impulse up and corrective three waves down yet. It is better to wait for it before taking any attempt to long.
Comment:
Basic - Still possible wave c of (ii) in the final stage. Small space has left for the decline.
ALT - Final stage of the wave (b).
The first subdivision to the upside doesn't seem to be an impulse. So there is still some proof to see from the market.
ALT - Final stage of the wave (b).
The first subdivision to the upside doesn't seem to be an impulse. So there is still some proof to see from the market.
Comment:
Basic - previous scenario was rejected by the market. There is a substantial change due to this. I still see that impulsive rise, which left me only with the option to label a much bigger wave (4). This new low is made within a possible ending diagonal in wave (v). There is possible wave iv in this final diagonal.
ALT - this is the end of some combination in the wave ((c)) in the big triangle.
This is another example that there is always something alternative even with a very clear impulse at sight.
ALT - this is the end of some combination in the wave ((c)) in the big triangle.
This is another example that there is always something alternative even with a very clear impulse at sight.
Comment:
Basic - there was the end of the wave 4 BUT yet we need to see confirmation.
ALT - there was the end of the wave ((a)) in the 4 Triangle. Yet, there is no confirmation.
At the small timeframe, it is not that clear, but if we see a corrective decline without a new low, this will make the confirmation for the low being made.
ALT - there was the end of the wave ((a)) in the 4 Triangle. Yet, there is no confirmation.
At the small timeframe, it is not that clear, but if we see a corrective decline without a new low, this will make the confirmation for the low being made.
Comment:
New low, another Basic.
Basic - that is a possible end of the decline, but it is better to see the shape of the upcoming decline. If there is a three waved corrective decline, that would be a first confirmation for the basic scenario.
ALT- shor term to the upside as well, but with way less potencial.
Basic - that is a possible end of the decline, but it is better to see the shape of the upcoming decline. If there is a three waved corrective decline, that would be a first confirmation for the basic scenario.
ALT- shor term to the upside as well, but with way less potencial.
Comment:
New low. Change in Basic
Basic - there is some WXY going. I consider there is wave (y) of ((c)) going.
According to this labeling there should be lower price, closer to the lower border of the channel.
ALT - no substantial difference in short term here. Also for more downside.
It is important to note that the low will be quite substantial at least, and very probable the upcoming low will be the one which lead to the new highs in Gold. Worth of waiting
Basic - there is some WXY going. I consider there is wave (y) of ((c)) going.
According to this labeling there should be lower price, closer to the lower border of the channel.
ALT - no substantial difference in short term here. Also for more downside.
It is important to note that the low will be quite substantial at least, and very probable the upcoming low will be the one which lead to the new highs in Gold. Worth of waiting
Comment:
Some structure development
Basic - there is wave b in the final leg to the upside. Still, there is no confirmation of the top.
ALT - there is the (i) wave to the upside in the big Fifth wave.
Basic - there is wave b in the final leg to the upside. Still, there is no confirmation of the top.
ALT - there is the (i) wave to the upside in the big Fifth wave.
Comment:
Price develops the structure
Basic - I still see more upside potential. The last decline on the small time frames (15 min) looks corrective to me. I suppose on more leg to the upside to form an impulsive leg in wave b.
ALT - On the big timeframe the alternative is that there was the big low in place and now there will be a big rise. BUT just as in the Basic there is supposed to be one more leg to the upside. On the small timeframe, however, the alternative can be that the rise is finished and the decline to the new low has started already.
Basic - I still see more upside potential. The last decline on the small time frames (15 min) looks corrective to me. I suppose on more leg to the upside to form an impulsive leg in wave b.
ALT - On the big timeframe the alternative is that there was the big low in place and now there will be a big rise. BUT just as in the Basic there is supposed to be one more leg to the upside. On the small timeframe, however, the alternative can be that the rise is finished and the decline to the new low has started already.
Comment:
Basic - the current rise is close to the end in wave (ii). There is a big (iii) wave that will be next.
ALT - the big correction in GOLD is over and the rise to the new historic highs is in the process. BUT it is still possible to see a correction to the downside from somewhere around the current levels.
Some divergence with RSX is in place, it is not substantial but yet.
ALT - the big correction in GOLD is over and the rise to the new historic highs is in the process. BUT it is still possible to see a correction to the downside from somewhere around the current levels.
Some divergence with RSX is in place, it is not substantial but yet.
Alt - the it is only wave b of (ii)