We could see a Strong move up in Gold. Appears to me the 5th wave of the "C" wave is complete. Still looking for a good break of the 2-4 trendline to confirm this. After that good buying oppurtunities.
Currently believe there is more to the downside. Appears to be a "Diagonal" which would be the last move downwards. Looks like an ABC flat. If this happens look for a good break of the 2/4 trendline before considering going Long.
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.
Currently believe we are in a Correction to the Downside. Appears to be a nice 5 wave move down followed by a correction upwards ("B" wave). Looking for a "C" wave down with Gold. The 2 wave of the "C" wave looks like a simple ABC. Targets for now at the 1245.00 area.
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.
Still believe this correction downwards is incomplete. Simulating a 5 wave move down which will end at the 1217.00 area. Not a new low but a break of the new "Bullish Trendline". Extremly ugly correction, but after this should progress upwards. Many similarities between Major Wave "W" & Wave "Y".
Currently believe we are in a Large "Complex Correction". Wave "2" or Wave "B". Right now we are in the Wave "Y" which is still incomplete. Many corrections have a tendency to end at a Wave "4". This is where we are at presently. Has Tested the Major Wave "4" twice. Am looking for a third test before we progress upwards.
Currently believe we are in a minor "4th" wave up of a "C" wave down (Complex correction). Not expecting price to go too far up (Perhaps the 1244.5 vincinity). After that a final move down to the 1229.00 area to end this correction.