FX:XAUUSD   Gold / U.S. Dollar
289 4 22
Gold             prices are appreaching the upper line of the corrective channel and 61.8% fibonacci level bearish wave
Agreed, looks like ABC zigzag down.
Possibly part of a larger corrective structure.
What do you think of the move off the 1131 low back in November 2014?
+1 Reply
possibly combination wxy weekly chart
i think (note: i may be wrong !) :
- it is still in wave x = (w)(x)(y)
- where wave (y) is expanding triangle ((a))((b))((c))((d))((e))
- currently is wave ((b)) look like a zigzag, and done!
- wave ((c)) starts now, target 1159!
the April top the end of a simple a)b)c) zigzag correction that is why it decided to extend the simple zigzag into what seems to be a double one. so the slow and choppy price action between 1224 and 1170 is wave x it connects the first zigzag with the second one or wave w with wave y now there are two reasons I believe wave y is its final stages first gold prices are approaching the upper line of the corrective channel second this upper line roughly coincids with 61.8 fibonacci which often acts as a major reversal area if this is the correct count