AndyM
Short

Gold in a correction for 2-3 months, short C wave.

FX:XAUUSD   Gold / U.S. Dollar
608 2 24
Hi All, here's my view on Gold             development.

We had our impulsive advance completed at 1284, and now we see the development of a correction - an initial leg down which so far resembles an incomplete leading diagonal . The duration of this wave is already good enough to qualify for an A wave. Once finished, this should be followed by a B wave up, similar in duration to A.

I'll try to short wave C down once A&B swings are over. The correction should be very deep as it usually occurs after the first wave of the emerging trend, so a 100-150$ shorting opportunity is at hand.

Beware that corrections take a lot of time to develop, usually between 0.5 and 1.0 of the duration of the impulse (and even more if the correction is a B, not a 2). Plenty of time to take advantage of the decline.
Looks good, but wave 3 of A is longer then 1, so it's not a diagonal. It can be diagonal if 4 > 2 but it isn't.
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