Gold wave structure breakdown
Updated
Since Nov,22 GOLD has been running upward like rabbit getting everyone's attention.
But these big hops are not going to last much longer, and eventually the rabbit is going to go down to its black hole in ground. The market always completes its cycle, and let me break the bad news, the cycle is not over yet.
The chart shows my main wave structure on Gold. The most recent downward wave A consisted of 5 wave structure indicating the correction is most likely gonna be a zig-zag.
The breaking of this fractal of wave 4 ending point shown in the chart below was the confirm that no matter how high we go afterwards, the damage has been done and correction has started.
The swift selling at the end of last week can be an indication that wave B has ended, but it cannot be said with certainty for now since there is always room for opposite move even when you are certain there is none.
0.5 fib level seems like a good zone for the price to rebound by the end of year, otherwise 0.618 fib level also has good structure support to push the rabbit out of its hole towards the sky.
But these big hops are not going to last much longer, and eventually the rabbit is going to go down to its black hole in ground. The market always completes its cycle, and let me break the bad news, the cycle is not over yet.
The chart shows my main wave structure on Gold. The most recent downward wave A consisted of 5 wave structure indicating the correction is most likely gonna be a zig-zag.
The breaking of this fractal of wave 4 ending point shown in the chart below was the confirm that no matter how high we go afterwards, the damage has been done and correction has started.
The swift selling at the end of last week can be an indication that wave B has ended, but it cannot be said with certainty for now since there is always room for opposite move even when you are certain there is none.
0.5 fib level seems like a good zone for the price to rebound by the end of year, otherwise 0.618 fib level also has good structure support to push the rabbit out of its hole towards the sky.
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Still holding onto this bearish idea on Gold until proven otherwise.
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