Gold Correcton after a 5 Wave Completion
Updated
Through out last year Gold has been following an almost perfect 5 wave count.
There are a huge amount of uncertaintities this month we will all need to work around.
That said, keeping things simple and looking at how we can be nimble and adjust our strategies accordingly, I am anticipating Gold to follow a corrective 3 wave count with a test to the underside of the Channel.
Looking at the 382 or 50 from fridays decline as potential zone for Sell entries.
Interestingly a Fibonacci time stamp completed the wave 5 high on the dot taking the time trend from the top of wave 1.
This could put us to sideways to down until the latter part of April.
Afterwhich I would expect the Bull trend to continue to fresh highs.
There are a huge amount of uncertaintities this month we will all need to work around.
That said, keeping things simple and looking at how we can be nimble and adjust our strategies accordingly, I am anticipating Gold to follow a corrective 3 wave count with a test to the underside of the Channel.
Looking at the 382 or 50 from fridays decline as potential zone for Sell entries.
Interestingly a Fibonacci time stamp completed the wave 5 high on the dot taking the time trend from the top of wave 1.
This could put us to sideways to down until the latter part of April.
Afterwhich I would expect the Bull trend to continue to fresh highs.
Note
Best laid plans scarpered! This idea is no longer valid. Great example of having a plan, waiting and adjusting to market conditions.
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