Expanding leading diagonal
I will consider the recent move from the Jul 20 (1987) to Jul 27 (1942) as a expanding leading diagonal and I will label it as wave i. It looks like a corrective wave, which may mislead people to think that the correction is over and gold is preparing for a rally.
And the three wave (abc) retracement of 0.618 of wave i to 1972 as wave ii. We should see a drop to 1860 as wave iii (2.618 extension) as depicted in the chart.
And the three wave (abc) retracement of 0.618 of wave i to 1972 as wave ii. We should see a drop to 1860 as wave iii (2.618 extension) as depicted in the chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.