Looks like we have two scenarios that could play out.
GREEN: we have traded the 1,2,3 wave and are now consolidating for a 4th, which means that we begin to see a turnaround back to the bull-side for a 5th wave completion over $44. We are currently sitting at the 38.2% retracement level which is usually where the 4th wave ends, so any pickups backed by volume would lean towards confirming this scenario.
GOLD: we have completed an entire first wave cycle and are now currently consolidating, which means we keep declining into the 50% and made even 61.8% retracement levels ($26-$23 range) before finding buyers. If this is the cases, we get a significant bull rally off the back of this decline, potentially driving us past the current high of $56
GREEN: we have traded the 1,2,3 wave and are now consolidating for a 4th, which means that we begin to see a turnaround back to the bull-side for a 5th wave completion over $44. We are currently sitting at the 38.2% retracement level which is usually where the 4th wave ends, so any pickups backed by volume would lean towards confirming this scenario.
GOLD: we have completed an entire first wave cycle and are now currently consolidating, which means we keep declining into the 50% and made even 61.8% retracement levels ($26-$23 range) before finding buyers. If this is the cases, we get a significant bull rally off the back of this decline, potentially driving us past the current high of $56
