Assuming price is forming a complex correction with wave (w) completed as an A-B-C zig zag and wave (X) forming as what I assume to be a triangle. With wave D unfolding I a expect price to drop down and complete the wave E of (X) before continuing with its correction.
I still see gold dropping a bit lower as a short term trend, with wave c of (y) unfolding at the moment. Alternatively price might be looking to unfold as a complex correction for wave (y) so that will mean that price might be unfolding wave (a) then the other two waves to follow.
Price look to have completed what I identified as a possible completion of wave (B) of a flat pattern. As we are aware that wave (c) always unfolds as a 5 wave move, then from here we can anticipate a good move in price to the down side. Another support to this assumption is the divergence in volume price, which indicates that bulls are running out of...
Price just made a sharp advance which in my case I assume it is a wave 3 advance, but within the wave 3 a sub wave 3 just finished unfolding, and I assume it has ended at the 2.618% fib extension of wave 1 through 2. now a drop is expected that will find support at around between the 50% and 38.2% retracement of wave 3.
Assuming the recent drop is a wave A drop with the unfolding wave assumed to be wave B, I am projecting for a drop at around the 50% fib retracement zone as my first target. This analysis remains valid until price break the "invalidation" marked level. Alternatively price might break low past the level labelled A and look to clear the recent lows.
As far as price has not broken the invalidation level, the mid-term trend remains valid as wave intermediate wave 4 targets the 50% retracement zone.
Price has made a 3 wave advance to the direction of the long term trend. As for now, assuming the intermediate wave (3) has ended at 2.272% of intermediate wave (1). Now price is expected to make a correction down to at least the 38.2% or 50% of the fibonacci retracement and that is a good place to position yourself.
Price has made a three wave advance to the upside, and I assume that wave 4 might be unfolding as an A-B-C flat pattern, with wave C yet about to form before price finishes wave (5). Alternatively this might be a A-B-C correction with wave labelled (3) being a wave (c) then that will mean we might be dealing with a price change in trend
Here is the internal break down of the inside wave since we are aware that the market move in fractals, so we position ourselves in every time frame.
From the last update I was assuming that price might be forming a flat pattern, But when price went to hit the invalidation level I had to switch on idea. As for now I am assuming that price might be forming a triangle pattern with a build up of a three structured internal waves labelled minor A-B-C. This idea remains valid as long as the minor waves of the...
Same heading from the last analysis, and thus far this pair has been performing well to our expectations but, we might also have another opportunity to jump into this trade. I am observing this pull back but my mid-term trend remains to be up. And alternatively price might be forming an expanding flat wave 2.
Price went beyond the invalidation zone from the last analysis which proved the analysis wrong and I had to re-adjust. To me it looks like we are dealing with a more complicated w-x-y-x-z correction which I expect to clear out the recent lows before pushing up again to the main trend.
Perhaps as for now we can expect gold to push and try to find an old resistance before going short. we cannot disregard any possible move the market might make, alternatively price can drop and form a new short term low, from there expect price to rally.
Price has reached a significant zone was anticipated yesterday. Now from this zone I think we can expect a drop in price or alternatively, we can see another push to seek new recent highs.
short term trend for gold is short, so I was assuming that price might be correcting in a form of a flag before we see a drop on gold yet again.
I am assuming a triangle might be forming as the fourth wave, it becomes an advantage since we will be trading the final wave 5. alternatively price might break low as a complex correction.
I am just trying to keep track on price action just to see if price is reacting as planned. So far I think the buyers may be in control of the price, so we will be observing bias up.
Going to the final week of January I am still hoping for advance in price to the upside for the next couple of days and see which pattern is price screaming about next.