Gold seems to be starting the bullish sequence, price cannot go below level 1679 if it does it will invalidate the bullish scenario.
Corrections are always followed by motive waves, recently we saw a complex corrective structure that is labeled (W)-(X)-(Y) so basically, it contains correction subdivisions.
Price couldn't reach the 76,8 Fibonacci level which literally correlates with the length of wave (W) because in most cases they are price-related.
I normally like taking the position after seeing correction, I hypothetical don't recommend entering at a current price but wait for some sort of correction pattern then look for a long position.
We can clearly see that wave C of wave (Y) is an Ending Diagonal pattern which usually tells us that a trend has ended and followed by a sharp big move, so it occurs at the end of the trend normally on wave 5 of an impulse and wave C of a flat / zig-zag.
Corrections are always followed by motive waves, recently we saw a complex corrective structure that is labeled (W)-(X)-(Y) so basically, it contains correction subdivisions.
Price couldn't reach the 76,8 Fibonacci level which literally correlates with the length of wave (W) because in most cases they are price-related.
I normally like taking the position after seeing correction, I hypothetical don't recommend entering at a current price but wait for some sort of correction pattern then look for a long position.
We can clearly see that wave C of wave (Y) is an Ending Diagonal pattern which usually tells us that a trend has ended and followed by a sharp big move, so it occurs at the end of the trend normally on wave 5 of an impulse and wave C of a flat / zig-zag.