can map out the human psychology in the market. Gold
is probably the best example to illustrate this. Current analysis show that gold
is at the end of its current trend, confirmed by wave 5. The current area may start to form a reversal pattern on smaller timeframes. A break lower would take significant selling pressure, a 38.2% fib, 1240 support and trend line
in the way. RSI
is very oversold. This could be a good opportunity to get into the next long term trend.