finitemonk

XAUUSD: Complex Correction

FX:XAUUSD   Gold/U.S. Dollar
88 0 1
Quite confusing. Yes-no-yes-go-don't .... I think it's in wave c of (b) near completion. (?)
What I'd like it to do is drop to the 1180-88 area to form wave Y, possibly truncated, i.e not the full length, or even as low as 1176, with a third attempted tap on the upper 0.382 of the minor fork. That's how I had the labelling 12 hours ago. Or Y turns out to be a smaller version of W with a second tap on the upper edge of the minor fork, with a low about 1186?
If it clears 1209 at the top of what I've labelled X I think forget that. Then we can label W as (c) as I originally had on completion of an a-b-c-d-e triangle since triangles usually form on the last wave of corrective to the larger degree, in which case we can label X, (i) : maybe (?)
In favour of one last drop down, both crude and the EURUSD             look as though they need to correct down also.
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