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Academic correction in Gold following extended fifth wave

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Following fifth extended wave, the ensuing correction can find support at wave 2 of extended (5)th @ 1177.x
1177 is also a target for (c) = 1.618 (a)

Another reversal zone might be @ 1170.x - head and shoulders target and low of wave (4), but I think it is less probable.

Comment: Good point if you're considering taking short position with tight stop

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