cbud

Gold Ratio correction wave a target hit, b wave down forming

FX:XAUUSD   Gold / U.S. Dollar
Previous idea 2 hour chart wave a up target at 1219.67 was touched at 1219.81.
This 15 min chart has 2 targets for a wave b low at 12.02 and 09.94. The first leg down looks fairly strong.
Not surprising since the wave c up was an Ending diagonal which implied contraction in the proportions going into the high.
With 2 support targets so close together it is possible that this market doubles its expansion with an Expanded flat B wave down and makes a new lower low.
What I see for sure is that 1212.02 is a level that was a resistance with respect on the rally up.
It is also coming up as a support ratio confluence for the way down.
This 12.02 level will likely be the support low, or MIDPOINT for the B wave low.

There's also an unrealized expansion target at 1222.59 that could act as resistance in the future if this wave a is not over.
The wave a up as stands is 5 cycle top waves with technical spike violations in the wave b low. So this could be a Leading Diagonal in the wave a position. Which may put the 1222.59 level in play for the next rally up.

The trade opportunity here is short until 1212.02 and then evaluate the pattern and momentum footprint at that level. Could be a good buy opportunity for a 5 wave impulse or ending diagonal wave c up.
Or a Pullback short with a tight stop into new lows if 12.02 is to be a midpoint level.
Unfortunately, I'll be sleeping while this happens, so I won't have a horse in the race.
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