Ape
Short

Gold Rally Coming To An End

FX_IDC:XAUUSD   GOLD / US DOLLAR
7 months ago
In my analysis I see gold             completing an ending diagonal to finish its' 5 wave move up from the lows in December. This will result in gold             giving back some of its' gains in the coming months.

It is common to see overthrows in ending diagonals which is why i think price can meet wave III             at 1285, perhaps even higher, before making its' decline. However, because wave III             was so strong, this 5th wave may fail to reach its' ideal target price (truncation). Therefore I have created a target in the 1270-1290 range for gold             to complete its' ending diagonal.

After completing the 5th wave I expect gold             to begin its' 3 wave pullback. The initial target will be between 1190-1210. This pullback can target much lower prices, but that can not be determined until the move down develops.
7 months ago
Comment: Today we got the over throw of the upper trendline. Price overshot my target, but thats fine fifth waves can and do extend. The ending diagonal is still in play, and I expect a price reversal in gold to be coming as early as next week
7 months ago
Comment: For anyone following this trade, I am working on an update. I believe we are in the 3rd wave of the "A" wave in this correction....
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