We might start a new impulse sequence up after what may be a completed 1-2-3-4-5 ABC EW pattern.
This is an interesting point for price;
We almost have a failed daily cycle and we broke a long-term uptrend line. This will make bears flock around gold.
However; The cycle is so far only ALMOST failed. And broken trend-lines occur often without being crucial.
The corrective sequence was quite brutal shifting sentiment to bearish extremes. This is bullish.
If EW sequence is right, this is a long position.
This is an interesting point for price;
We almost have a failed daily cycle and we broke a long-term uptrend line. This will make bears flock around gold.
However; The cycle is so far only ALMOST failed. And broken trend-lines occur often without being crucial.
The corrective sequence was quite brutal shifting sentiment to bearish extremes. This is bullish.
If EW sequence is right, this is a long position.
Comment:
See
for details regarding the corrective ABC sequence.
Comment:
The direction went long before the total breakdown.
