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cbud
May 10, 2016 4:21 AM

EW 4th wave short for Gold Short

Gold/U.S. DollarFXCM

Description

The weak ratio moves that almost look like an Ending diagonal into the lows today imply a strong rally correction will follow (perhaps a .5 or .618 correction against the highs). The volume pattern at the lows I interpret as an Exp Flat into a .382 correction 4th wave. The .382 correction implies a 2.618 multiple expansion target for a wave 5 down. This still needs to set up as an impulse or Ending diagonal into wave c of 4 to be valid and has a way to rally still.
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