Gold 4 hour level wave count
Gold fell in five waves from 2790 to 2689 last night. According to the characteristics of the waves, five drops and three rises will inevitably occur at key positions. The rebound started at 2600, where institutional orders were bought last month. Whether it can be considered the end of the fourth purple wave correction now, we still need to observe the reaction of the rebound to key positions. 1. If the rebound effectively breaks through 2704, then it is regarded as the yellow WXY wave correction and is over. Later, look towards 2900-3000. 2. If the rebound is not strong enough to effectively break through 2704, and there is an action to clear liquidity at the top, it can only be regarded as a yellow ABC wave. If you don't effectively break through 2704, there will still be a yellow C wave falling. Wait for the yellow C wave to end before buying.
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