As shown on the chart, I see 3 possible scenarios for Gold
1- The 5th wave has not completed and after a corrective pattern, the up move will continue to at least to the 0.618 or 1.0 of Fib expansion
2- The 5th wave has completed and we are going for a bigger corrective structure, possibly ABC simple one
3- My wave count and the idea is completely wrong :D (you always have to consider this option)
There is also "a weak possibility (in my humble opinion)" idea exists that some traders are suggesting (here in TradingView):
4- The uptrend has finished and we will see the long term, sharp down move from now on
I will update this idea as price action shows us which story will happen
Trade with care and stay green.
Please let me know your view about the idea
Check out the "Related ideas..." in the links below too
1- The 5th wave has not completed and after a corrective pattern, the up move will continue to at least to the 0.618 or 1.0 of Fib expansion
2- The 5th wave has completed and we are going for a bigger corrective structure, possibly ABC simple one
3- My wave count and the idea is completely wrong :D (you always have to consider this option)
There is also "a weak possibility (in my humble opinion)" idea exists that some traders are suggesting (here in TradingView):
4- The uptrend has finished and we will see the long term, sharp down move from now on
I will update this idea as price action shows us which story will happen
Trade with care and stay green.
Please let me know your view about the idea
Check out the "Related ideas..." in the links below too
Comment:
Looking at the previous actions in each chart is important:
Comment:
1H view: It seems the scenario #1 was correct. Watch it to find a sell setup for catching A wave of the big correction:
