Ending diagonal in the making
Gold and gold miners have been on the uptrend since Oct 2022. I would label the rise as the 'C' wave of a larger expanded flat (ABC), red label. The correction from Oct 2024 to Dec 2024 is labelled as wave 4 of wave C. As it is widely known that C wave consists of 5 waves, with the overlapping of wave 1 and wave 4 as depicted in the chart, I will label this C wave as an ending diagonal.
The drop afterwards will be swift and steep to complete another 'C' wave ( blue label).
The drop afterwards will be swift and steep to complete another 'C' wave ( blue label).
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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.