wave analysis is quite an efficient approach for analyzing the trending market on a higher timeframe. it helps to find a pivot point with a high degree of accuracy.
what we do, we derive the information from the past market behavior analyzing the previous legs of a move. based on that data we assume the market will stick to the same patterns in future.
on the chart, I measured the length of the previous major bullish impulse and projected it from the start point of the new bullish impulse. this measurement points to the 1738 level. what is peculiar about this level, is the fact that it perfectly matches with the resistance of the rising channel.
so wave analysis tells us that gold still has the potential to go higher, the first strong supply zone will be around 1738 and it will be the first zone to short from.
good luck!
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