Based on our wave forecast done recently, it seems that Gold is going to rise in the final fifth wave up in a given degree. The third wave was one of the very fast move exploited effectively yesterday with us together with most of our closest followers. Keep watching market actions at this level if is not going to form combination of corrective structures.
We anticipate gold to correct to a certain level down (roughly a 0.618 Fib). This is highly possible because the price has already completed five wave move up. But price is still playing at the zone (resistance), let's watch the market reaction at the zone before taking any trading decision.
This is the current market projection in SILVER. We anticipate the five wave move up in the third of fifth. This is the high probability wave count despite the fact that there is fake out during completion of fifth wave of wave "C" down.
We anticipate a fall in price of Gold to the areas of levels indicated in the price chart here. This is the high probability count, other alternative counts are possible to take place. We usually watch for the price action on our analysis before moving to the next alternative count.
As recently GOLD (XAUUSD) was rising, we have recognized the completion of the five waves up followed by lower degree five waves down. REMEBER: Five wave move against the major trend indicates the beginning of correction, specifically ZIGZAG CORRECTION. Therefore, we expect ABC zigzag correction that later will be followed by continuation of the trend to the...
Silver is expected to rise, because the current corrective structure it seems to be completed. Also price has reached the previous support. In confluence with other factors like wave counts and Fibonacci levels, it is clear that price is going to rise.
We expect to have that turn (correction) in wave number 2. Then after, there will be a very powerful move to the upside that will be in wave three. But remember in a big picture we are in wave number 3, so this will be the THIRD of THIRD.
It seems like the price has completed wave five of wave "A" of the ABC correction. Expected movement is on wave "B" of the ABC, and finally wave "C" down. After all these we will resume with the upward move in the direction of the primary trend.
NOTE: the overall expected trade to take comfortably is long trade.
It seems like price has completed an Ending diagonal with fifth wave breaking the upper channel (Throw Over). We expect price to move back down to retest the previous resistance now broken acting as support.
We expect this move to occur after break and retest of the current support level created. Price has completed the first five waves move down, now is correcting the move. This will be followed by other five waves move that constitute the third wave
9 waves triangles occurs when wave "E" of a triangle is a triangle itself. Analysis reveals this formation, and it has already broken to the downside and retested to the broken lower triangle line. Expect a powerful drop in price from the current position.