Ciao Traders ! Hi In case Gold is forming a leading diagonal this is the most probable scenario I see If the correction is over, we most probably go up from here, with small retracements in the middle, up to the 16000 levels How will I try to understand if, in fact, we are in a bullish scenario? In my view the price will have a small bounce down in the blue small box above the actual price, then move back up and break the blue box. After breaking the blue box should anyway retrace, but at that point we will see 5 waves up indicating a probable further uptrend. If ,we bounce back from the blue box and we break the previous low of today 11 oct, then I will opt for the bearish scenario as above.
Happy trading to all ! Disclaimer: This is not financial or investment advice I am not a professional in the financial or investment fields This analysis is just for entertainment purposes Do not follow what I do or do it at your own risk
Gold might make a move up breaking the top indicated with the blue 4 ( this will change the count but should not effect the downward move that is coming, although the target for that down move should be re-evaluated if the up move happen