come on gold... why you like flat correction that much
Running flat Elliott wave correction.
A running flat correction subdivides into 3-3-5 internal wave pattern. Wave 'B' breaks the beginning of wave 'A'. Waves C tends towards 100% the length of wave A and will not break the low of wave 'A'. The running flat correction wave can appear in any corrective position. Again, a trader can use the starting point of wave 'a' to enter a trade, with the aim of catching the market as it re-enters the trend move again.
The RSI and stochastics indicate that gold is very oversold. The last few times this happened, gold spiked. Look at the 5 year pattern of clear higher lows. Then look at the 10 year cup-and-handle pattern. Gold did this same pattern in the 1980s. Plus, the SLR requirements and Reverse Repo rates mean that collateral is too scarce for banks overloaded with cash. BUT, the Bank of International Settlement Basel III NSFR rules are going into effect at the end of the week for European banks and UK banks in Jan 1, 2022. This makes allocated gold a risk-free asset that banks hold as collateral. So this is the final fake-out flush before the price of gold skyrockets.