Multiple wedge formation since 2011. Since Feb High - price has been forming either triple top or inverted H&S. DXY analysis says inverted H&S. This idea proposes - XAUUSD will continue higher AFTER THE CURRENT CORRECTION. DXY in danger of seeing 86 and possibly 78. EUR @1.4 and GBP@1.7, CHF @0.92 JPY may end up the best buy of 2017
What is shown here is - corrective move in seven swings that did not stop at 2.0 extension. Previous trend has not completed, wave 5 is pending. So if this correction is to continue - next swing count is 11, which would take us pass 1.24 level (more like 1.4 area) which does not fit the main count. So my bet is - short here. GL