4xForecaster

$XAU Hit Target @ 1216.67; Limited Rally Into 5-0 Patt. | $Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
Friends,


A quick tech-note here on $XAUUSD:

1 - Hit 1226.67 target and reversed - Although I'd expect consolidation to be the next time-consuming event, a 5-0 pattern is lurking above, demanding completion at its defining 50% level from recent down-swing, or at 1284.99 - High probability target.

2 - Prop Pattern may receive validation as well, pending target reach at TG-1 = 1301 (moderate probability)

3 - Low probability target rests at 1321.71


OVERALL:

The initial analysis called for a reversal at a higher level based on a Shark . This secondary target allowed that same Shark to extend its BC leg to complete on a predictive/forecasting model that defined a slightly lower potential reversal mark than would be defined by target alone.

Expected rally is now driven by target completion of Shark's acolyte: The 5-0 Pattern, although loftier targets remain from a prior analysis that say a Wolfe Wave as the main driver of a deeper reversal. While 5-0 may gain validation, these higher targets remain valid as defined by predictive/forecasting model.

However, in the context of a trend preservation, these loftier targets should also be considered as strong bearish entrenchments, likely to cap any further advance. Indeed, predictive/forecasting model remains strongly bearish across short and medium terms.

Cheers,


David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA


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