Gold is now in a 4th Minor corrective wave . Since the Minor 2nd corrective wave was a flat , the rule of alternation says this 4th minor wave will be a sharp.
Looking for a zig zag correction here.
Wave a has completed to 1281. Wave b will likely pass to 1290 ( .618 fib retracement of wave a) .
Then Wave c , may then equal wave a , taking Gold to 1277 and into the .50 - .618 wave iii retracement .
Now the trade begins with a long entry out of this demand zone, for the final leg to complete the wave iii.
Stop @ 1269 ( wave iv should not travel into wave i territory)
Target 1300 - 1305.
Risk 3 : 1.
Looking for a zig zag correction here.
Wave a has completed to 1281. Wave b will likely pass to 1290 ( .618 fib retracement of wave a) .
Then Wave c , may then equal wave a , taking Gold to 1277 and into the .50 - .618 wave iii retracement .
Now the trade begins with a long entry out of this demand zone, for the final leg to complete the wave iii.
Stop @ 1269 ( wave iv should not travel into wave i territory)
Target 1300 - 1305.
Risk 3 : 1.
Comment:
Pending orders set for buy at the .5 fib and .618 fib :)