WaveAlchemy
Long

XAUUSD MINOR ALTERNATE 5

FX:XAUUSD   Gold Spot / U.S. Dollar
200 4 8
Hi all,

This wave count states that 1) Minor 1 completed on 6 JUL as a zigzag 5-3-5, 2) Minor 2 completed on 1 SEPT as either a double-three or a zigzag 5-3-5 and 3) Minor 3 is unfolding in its early stages of development and most likely as a regular motive structure.

Some confidence will be place in this count if price moves beyond the aqua blue trend line .
In w2 there is usually no ambiguity/equilibirium as to the price movement that would justify a triangle.
Reply
WaveAlchemy Parabolica
You said it, "usually". Therefore it is a guideline, not a rule. Also keep in mind, that the Minor degree subdivisions constitute the development of a contracting diagonal for Primary C. This was hypothesised in Primary alternate 2. It is not unusual to observe a slightly prolonged wave 2 in a contracting diagonal, I think it's self-explanatory as to why that is.

But to agree with you, I think at the moment this will be the preferred count.

Price would now be located in Minuette wave 1 of Minute wave 3 of Minor wave 3. There is clear formation of motive waves and a nice alterations between 2 and 4. If this structure fails, both alternate counts will be unlikely.

Reply
This one makes more sense than the other idea!
Reply
WaveAlchemy Parabolica
Why do you think so?
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