Gold is looking good short term.

My count has gold doing a large ABC since Sept' 12, presently on the B wave up of the larger C . This larger C is making an ascending triangle type pattern but its more like an ABC triangle, IMO. No one can be sure though. I think it will print an extended flat for this larger C which has going around swing high level i.e INR 3500-3600 ranges. kind of a technical breakout to the triangle . My primary pattern play is ascending broading wedge here with targets around INR 2500-2700 ranges medium term. Conclusively it looks like a long consolidation before big leg up/mark up on long time frames.

This is not an investment advice and just my view of the market right now and it can change as the market evolves. DYOR, Make your own decisions and trade carefully.

Comment:

If it fails to break the INR 3200 barrier in the coming weeks then , it could potentially be playing this larger ABCDE triangle with potential target around INR 2400-2500. IMO, gold will have exponential increase in buying if thats the case. So long term all looks good.

Comment:

Detailed picture of the current big leg up(B wave up). IMO, big W and small Y would mean possible change in the larger trend.
would be interesting to see if any significant change appears after this large B up or else i'm holding onto my target for large C down.

Another possible way to count this would be small W and big Y . I think that would be slightly bullish for the larger degree counts, JMHO.

Comment:

Wedge breakdown on the X move would mean it has to be recounted. Break below the wedge bottom would invalidate the count.