Since 2018 Gold is trading in a sharp bullish trend. For the last two years period, we see almost 80% net growth.
Of course, it wasn't just a single move without corrections. What I have noticed analyzing a weekly chart, is that market makers on gold prefer kind of "harmonic" correction cycles.
The last two bullish waves were initiated after a 15% price correction. And you know what: 27th's November this year's low gives us a 15% price correction.
And what do we see afterward? Relatively strong bullish move on a daily with multiple breakouts of resistances. It looks like it may lead to a major weekly wave initiation. So our long term bias is bullish.
What do you think about this correction pattern? Is it a valid observation?
Is it a valid observation?