Still believe we are in a "Wave 1" up for Gold (An expanding leading diagonal). Looks to me that it will test the "Major wave 1" probably exceeding it. Have a target at the 1269.60 area. After that all good things must come to an end, with a retracement downwards (For "Wave 2"). If this "Wave 2" could perhaps just test the "Long term Bearish trendline" and find ...
Currently believe we have 1 more last push up (5th wave) in Gold before there is a correction downwards. It appears to be a Leading "Expanding Diagonal" for Wave 1. Would like to see just a touch of the 1-3 trendline and then correct downwards for a major Wave 2. 1253.00 area is a good place for Wave 1 to end. The 1235.00 area is a good place for Wave 2.
In the "short term" believe we are in a 5 wave move down that is incomplete (The "C" wave). Looking for a target at the 1222.00 to 1226.00 area. There is many 4th waves at this area which could halt this move down. If this area holds and we can finally find support above the #1 wave (or A wave) we can progress upwards. Note: This is a 2-day Chart.
Currently believe we are in a "Complex correction" for a Wave "2". Still looks like we are in a Triangle to end this correction. (It has all the characteristics). Nothing better than a Triangle to waste some time. All of the legs in this triangle have been 3 - wave moves. Need to find some support on top of that "Leading diagonal" before we can progress forwards.
Still believe Gold has more to the downside. Currently in a correction upwards to the 1253.00 area. After this correction I can see it moving down to the 1229.00 area before we progress upwards. Appears to at least be simulating a "Ending diagonal" ("C" wave down). If correct should move upwards quite fast.
Still quite Bullish with Gold, but still waiting for the Correction downwards to be complete. After a "W" and a "X" (Making a false break-out) it appears to be making an ABC with it's last move down. The "C" wave is weak and ending in a "Ending diagonal" (5 wave move).Looking for the last 4th wave to end this diagonal. From there we progress Upwards.
Longer term Bullish, but still looking for one last move downwards. This current move upwards is far as I am concerned is Corrective in nature.If what I have presently as the "B" wave holds am looking for a Weak "C" wave down. (Unable to make a new Low) This would perhaps end up as an "IHS". Strong Bull after that.