cbud
Short

Gold declining in a C wave to 1172

FX:XAUUSD   Gold / U.S. Dollar
85 5 3
My mid term count for Gold-0.19% is bearish as a C wave decline unfolds for an Expanded Flat completion. Lots of support and expansion projection ratios coming together in this market. Not an actionable trading situation from this longer term chart, but the proportional swings, groupings and character all come together mid/longish term for my analysis and thought I'd share. Obviously, next milestone is to see if a nice strong candle or gap forms over 1234. That will confirm the midpoint of the C wave situation.
Comment: Update: Strong milestone formed over 1234 as anticipated. That could be the mid point. Some expansion could happen as well as the ratio implied by the wave ii high implies a proportional expansion, so don't assume perfect symmetry, although symmetrical projection does line up nicely with 1172.
Momentum signature is decreasing in degrees, so Gold should continue to fall against the Dollar in to this C wave down. Look out below.
Why does TView not allow me to post a picture in the Update Status section?
Comment: 15 min chart says 1234 could break on rally and 1246 will be resistance for the wave c of the Expanded Flat. There's a confluence target up at 1244 in the yellow circle
15min chart
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The 2 hour chart momentum is out of whack with my Preferred count. The Alternate count comes to the top if 1246 is realized. The ratio analysis and fractal logic are the proofs. The oscillator momentum is just my faster, less work shortcut.
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Update Chart: 4 hour chart momentum still says this is a wave iv correction of wave iii. I am wrong at a close beyond 1234, which looks possible on the 15min chart. In this case, ratio resistance is at 1246 and the count gets shifted one correction higher. I've seen someone else's count that calls for wave C of this large Expanded Flat to end here and now, but with the 4 hour momentum footprint confirming lower lows building internal momentum, and still many momentum highs still to match, I really don't see that as probable. I still conclude that 1234 is the geometric center of this wave C down as the Arithmetic projections analysis levels (not shown on any chart) are being exceeded. This is usually the case when impulse waves happen. Arithmetic projections, in my experience, are well respected in corrective price action and corrective triangles (not motive triangles).
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cbud cbud
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Update: Strong milestone formed over 1234 as anticipated. That could be the mid point. Some expansion could happen as well, so don't assume perfect symmetry, although symmetrical projection does line up nicely with 1172.
Momentum signature is decreasing in degrees, so Gold should continue to fall against the Dollar in to this C wave down.
snapshot
Reply
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