Gold has been performing amazingly on the short front for the past two weeks, what could be next on its agenda list for the new month? Well it appears the WXYXZ correction structure has just been completed while adhering to the channeling principle at the same time. Looks like the longs are gearing up to take over and I want to be a part of them that do. I will be observing confirmations on the lower timeframes.
Let me know what your thoughts are for gold for the upcoming month. Are you still short? if so, shed some light so that we may learn and be better in the future.
Hello Not bad.
But there are some moments...
Your C of (Z) must be an impulse. But it seems like a three-wave move on the chart.
Theto_Morifi
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@Raph, Thank you for pointing that out as it possibly may have been confusing for some. Remember the WXYXZ structure is made up of waves of three. ABC's, and within those waves of three is where you get impulse and corrective subwaves. So the only place We'd get 5 waves is in the C leg subwaves. I have shown the C leg subwaves just below the chart in the updates section.