7pasos

Gold have more to fall

FX:XAUUSD   Gold Spot / U.S. Dollar
602 0 0
We can argue that this fall is an impulse or a simple zigzag , but what we must be agree is that this have more to fall because:

Even in the case of a zigzag , the most near relation with the A wave (assuming is just a zigzag ) is the 161.8% of A and therefore the 1167 is the MINIMUM fibo target at this point.

In the case of an impulse this target becomes the minimum for just a wave 3) and will have more fall to come eventually.

If we observe the short term we have 2 alternatives, the red one seem more probable for the big retrace from the last lower low.
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