Hello traders, Gold in 4-hour timeframe, this analysis is prepared in 4-hour timeframe, but has been published for a better view in 8-hour timeframe.
Gold is in wave b or in its second wave.
Wave b or wave 2 normally needs another drop and this maximum drop will move up to Fibo 0.618 specified in the image and at least beyond the previous floor this drop will be confirmed if the bottom of the black channel breaks down and to Pull the floor of the channel and continue to move downwards, otherwise the possibility of this movement will decrease.
And in the case of upward movement, at least to the previous ceiling, the middle line of the channel and the previous wave b will be.
If Fibo 0.618 is broken, this analysis is relatively field.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
Gold is in wave b or in its second wave.
Wave b or wave 2 normally needs another drop and this maximum drop will move up to Fibo 0.618 specified in the image and at least beyond the previous floor this drop will be confirmed if the bottom of the black channel breaks down and to Pull the floor of the channel and continue to move downwards, otherwise the possibility of this movement will decrease.
And in the case of upward movement, at least to the previous ceiling, the middle line of the channel and the previous wave b will be.
If Fibo 0.618 is broken, this analysis is relatively field.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️