WaveAlchemy
Long

XAUUSD BULLISH MINUTE ALTERNATE 2

FX:XAUUSD   Gold / U.S. Dollar
155 1 9
This wave count states that 1) minute 1 is complete and 2) minute 2 has unfolded as a descending triangle .

In light of recent price action (namely the invalidation of *MINUTE ALTERNATE 1*), there is evidence to support *MINUTE ALTERNATE 2*; That is, that we have a triple bottom and lower highs. This is a much preferred wave count than what was previously published.

Looking at the triangle itself; it appears that the subdivision for minuette E unfolded in a count of 7 waves. What this means is that wave E may have terminated as a double zigzag . Confidence, not confirmation, will be placed with movement above the descending trend line . Price has breached but not yet confidently maintained price above.

If price moves below support @ 1330, then we are definitely dealing with a double/triple-three. If it comes to this, *MINOR ALTERNATE 1* will be held with lesser confidence and turn to *MINOR ALTERNATE 2* where such a complex and prolonged correction is warranted (because of the premise that minor 4 is still unfolding). Double/triple three corrections have never been observed in wave 2 of any kind of motive structure, unless one uses the wave principle to his own accord.
Comment: *count invalidated*
very nice
+1 Reply
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