I have 2 longer term counts for gold, one suggesting that the current corrections is a wave 4 and we can expect an upward wave 5 once this correction is over. The other count is much more bearish and suggests that we have just begun the C wave of a flat correction that began all the way back in 2011. However, whichever way I look at it, I see some downside for Gold going forward....
my assessment at this time is that it's headed to $1670 support within the next 60 days. Likely it will show a stronger hand at that time, coupled with a weakening USD, to push it to the $2200 range in the wave following.
I do not currently hold gold and this is not investment advice.
BeyondEdge
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My primary count also suggests a wave four.
BeyondEdge
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Hi, thanks for sharing. If this is a wave four, do you see it as a shallow or deeper structure?
tomj2417
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@BeyondEdge, My wave 4 of preceding degree is all the way down at the 61.8 fib retracement of this wave. However, the larger wave 2 correction of this count was a 61.8 retracement so we might expect a shorter one here, say around the 38.2 fib retracement......maybe this snapshot would make more sense......
BeyondEdge
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My sentiment too. I see it as a shallow retracement here. We’re in the 38.2 zone now. Let’s see how far down we go into it. Thanks for sharing.
I do not currently hold gold and this is not investment advice.