Gold hit target exactly on . Was already looking like a top when news hit. Perfect timing and price to start a correction.
This leg appears to have some momentum. I will measure it as it develops and update. We all knew it was coming, maybe this is it.
We can expect a bounce here, and that will be very telling. Initial bounce off a support offers clues as to the strength. I expect dead cat here, then pierced and full to next zone.
1417 is first support, perhaps optimistic at this time. 1415 ought to react strongly, if not, another clue. 1412 is confluence of two key fibs, watch closely.
Previous Analysis: <= 4 mos ago
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Got the Dead Cat bounce off first support as expected, and ran smack dab in the fib above now watching the first support for reaction and clues hopefully.
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Fib of this leg down says $1411 has a shot at bouncing , but prolly not for completion of wave $1405 now looks to be first likely conclusion of this wave (whether more to come is to be seen)
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Back under the microscope, this 1.236 at 1425 is key make-or-break point the 1.236 very often results in a continuation of original move
@mehmetgdogan, I would like to see one more leg down, for more clues.
Thus far it looks like knee-jerk reactions, but that last leg down looks like a wave 3, now wave 4 bounce, and perhaps wave 5 down to come yet