Quick post to alert of possible ABC correction underway. We could be in a wave B which often is a "Bull Trap". If so, it should top pretty soon and turn back down.
The drop was quite violent, typical of a wave A retrace. The bounce shows an abc structure as a wave B should be. But lets see how it progresses, the Fomo is strong in this one.
Previous Gold Analysis (click): Jul 24, 2020: Apr 13, 2020: <= within 10 cents! Feb 25, 2020: Jan 09, 2020: Oct 03, 2019:<= BOOM Sep 04, 2019: Jul 19, 2019: Jun 24, 2019: <= To the Penny Apr 04, 2019: <= To the Penny Apr 16, 2019: Mar 03, 2019: <= 1 year ago
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Plan Still quite Plausible
We overshot a bit but looks to be turning or at least profit taking.
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Zoom IN a bit (1h) for a closer look and we see the turn at red 1.618
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Zoom IN more (21 min) and adding a local fib to the bounce wave This wave could have ended at the 5.236. And that would be fitting after a 3.618 initial bounce.
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Zoom OUT a bit (34 min), add the new fib above to original fibs: and we have a well mapped set of support / resistance zones to watch.
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SUMMARY: - original plan still quite possible but would need to turn down very soon. - we now have some precise zones of interest, to gauge the reaction as each one is hit. - since it already went higher than originally plotted Major resistance, this could go higher to a minor resistance plotted just now. - ie: indecisive, not a place to make any trading decisions, keeping longs for now, not opening any shorts yet.