This is the possible outcome for gold . Notice the green arrows denoting wave 3? Wave three is typically the strongest and the indicates this with the peak of the lower green arrow. Notice the negative divergence with the red arrows...indicating weakness. But the largest/most important pattern is within the blue converging for wave 5. This is looking like an ....similar to my Hang Seng chart that started to crash within a month of prediction. In , wave 5 is typically strong too. This gives further evidence of an ...due to the 5th wave showing extreme weakness.
The shot up out of this should be sharp and rapid...also remembering this is a weekly chart...nothing happens fast. This move up should be part of a 3-wave move, wave (B), to the upside before crashing back to the $600 area in wave (C). Everything after the shot up out of the is a VERY rough guess...but the $600 area is a typical stopping point for this entire correction...4th wave of a lesser degree...in terms. The move up will be a bear-market rally...so don't think this will continue forever. The key to mark the end of the (B) wave is the three wave structure indicated by the green a-b-c. At the end of the green c (which should roughly equal the same length as the green a), you should not be long.
My concern right now is, just like in the above image, it may be difficult to see a 3-wave move down for wave 5. The C wave must have been really small (above) and it may have been now.
I will post the H4 of gold today.
Too early and incorrectly labeled...this definitely looked impulsive (to me at least) up...BUT WASN'T. Notice that even the Awesome Osc/MACD even spiked up a little:
Came down for one last low (taking out stops)...now correctly labeled:
Waiting pays off:
so we are dealing with a possible ZZ wave correction 5-3-5 , so after finishing this we expecting 3 waves up abc of B that can reach 61% of wave A. then 5 waves down of C .