After the end of wave 5 (previous downtrend), gold has started to correct, maybe in a big ABC setup, or even in a new big impulse 12345.
However, we should watch 12345 waves, inside big A wave or inside big 1, it doesn't matter.
First we see 1 and 2, inside 3 we have another i,ii,iii,iv,v setup. Gold has retraced to 50% fib retracement levels of wave iii, this can be the end of wave iv.
Inside iv wave, we can see small a,b,c setup.
Here we have two scenarios :
*First one in red, continuation from 1650's levels to 1673.
*Second scenario in gray, we are ending small b inside iv, going down to create small c to start after it wave v. If this scenario is valid, Gold will probably retrace until 38.2% fib to end small c.
Two buying setups are available, from 1655, or from 1635, knowing that iv shouldn't retrace more than wave ii, let it be the stoploss of the second scenario.
Hope you enjoyed this analysis,
Joe.
However, we should watch 12345 waves, inside big A wave or inside big 1, it doesn't matter.
First we see 1 and 2, inside 3 we have another i,ii,iii,iv,v setup. Gold has retraced to 50% fib retracement levels of wave iii, this can be the end of wave iv.
Inside iv wave, we can see small a,b,c setup.
Here we have two scenarios :
*First one in red, continuation from 1650's levels to 1673.
*Second scenario in gray, we are ending small b inside iv, going down to create small c to start after it wave v. If this scenario is valid, Gold will probably retrace until 38.2% fib to end small c.
Two buying setups are available, from 1655, or from 1635, knowing that iv shouldn't retrace more than wave ii, let it be the stoploss of the second scenario.
Hope you enjoyed this analysis,
Joe.
