As per me crude in upward correction. First reason overlapping structure and second reason time. As to fall from 63.33 to 51.03 it took 17 days. And completion on down wave took 24 days approx ( because as per neo wave rules we have to check confirmation where wave actually ends usually its 5th wave failure). Now it approx 78 days and high of 63.33 won't yet...
Seems fake breakout as ewo,macd, rsi all in bearish divergence in 4 hr.
But also watching inverted head and shoulder pattern target 1303.
May be some dip on next week then it can bounce
Better let is reverse and come down from long term trend-line.
Yesterday 61.8% from wave 5 to C of second highest degree completed. Just taking one alternative view with small sl considering it wave B and wave ABC for wave A of highest degree completed. Now interesting to see is it wave B or wave 3 .
I am feeling divergence in Elliot wave oscillator and macd and it seems wave 4 as 50% retracement done where down wedge and 161.8 % of wave 0-1 done. It is good opportunity with stoploss below 117.900 entry even at cmp 120.370 for minimum target of 127.2% of w4 at 125.700 approx. Nice risk reward in my opinion.
Currently sideways correction create huge confusion. Though I am not expert on Elliot Wave as still at learning stage in it but it seems to me big move awaiting. Forget about what happens to new cycle but currently is it has potential to go to $80-85 on next 1 year or consolidate here only. Better to avoid positional trade and carry trade. Personal view no...
Gold seems completed bullish butterfly and bat will complete near 1200.80. One can look for entry after buy signal above 1206 by Gann Fan above 45 degree with sl below Gall fan. This is my personal view please judge your own before taking action. Thanz.