We have just seen a strong leg up. Both the 2 & 4 wave were running corrections. What I am trying to say is, it was really "Strong". Believe it is time for a Correction. The 1277.00 area is where the last Minor 4th wave ended. All the other 2 waves in Gold have ended at a Minor "4 Wave". Am speculating this will happen again. Am also speculating we are shortly...
This last move up is a text book 5 wave (Is this a "1" wave or a "C" wave ?) Assuming it is a Minor 1 wave, we are now due for a correction. For this Bull to continue we cannot break (Even touch) this current "Bullish trendline". If we are looking at a minor wave 2 the 1258.00 to 1259.00 area is an excellent spot.
I am still "Bullish" on Gold until proven otherwise. My "Line in the Sand" is a move below 1248.10 (Analysis Incorrect) Still believe we are in a complex correction for a "Wave 2". Will see if the 1252.00 area holds.
Still looking for a move down. Looks like that finally will happen. A test of the 1 wave for Gold @ the 1258.90 area would be an absolutely great spot. This I still believe is a "Running Correction" for the wave 2 (Expanded Flat). The "B" wave went slightly higher than expected but signifies "Bullish Strength". Will have to wait & see if this area holds but...
Currently believe we are in the "B wave" of a "Running Correction" for "Wave 2". Would really like to see a move down now. A test of this 1st move up is crucial. Looking at the 1252 to 1256 area. If this area holds & we break the top of the B wave price could move quite significantly. If correct the 3rd wave should be extended.
Looks to me like it is quite "Bullish". Last move up appears to be a "B" wave (Lower volume but testing a new high) If this "B" wave holds looking for a weak "C" wave down. This would be an "Expanded Flat". The 1249.00 is a good area. Other wave "2"'s have hit in this area as well.
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.
Believe this Bearish correction is over. Looking for a strong move up. First wave up has been a Leading Diagonal ( Expanded). Should see a correction with more to the upside.
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.
Looks like a bounce to the 1229.00 area. Believe this will be the Wave 4, before we get one last move down. Looking for the Wave 5 @ 1214.00 vincinity if it holds.
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.