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

FX:XAUUSD   Gold Spot / 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.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out