Hello traders, GOLD in 1-hour timeframe, this analysis was prepared in 1-hour timeframe but has been published for a better view in 2-hour timeframe.
Gold is in the range that the two middle lines of the channel have crossed.
Wave 4 with a relatively normal correction, ie the same range, can start wave 5 to build a price floor.
However, due to the structure of wave 2 and wave 4, it has the ability to deepen and even extend.
It remains to be seen how it will react to the midline of the channel, and whether it can break wave 4 with microwave power and confirm the start of wave 5.
If the midline of the channel is broken upwards, a target of around 1780 will be considered.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
Gold is in the range that the two middle lines of the channel have crossed.
Wave 4 with a relatively normal correction, ie the same range, can start wave 5 to build a price floor.
However, due to the structure of wave 2 and wave 4, it has the ability to deepen and even extend.
It remains to be seen how it will react to the midline of the channel, and whether it can break wave 4 with microwave power and confirm the start of wave 5.
If the midline of the channel is broken upwards, a target of around 1780 will be considered.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️