GOLD update: A-B-C flat rather than W-X-Y correction?
Gold update: I've been looking at the SILVER price chart, as well as, some of the large gold mining stocks and indexes - and I have a suspicion that they have a strong counter-trend rally due in the coming trading sessions. This has caused me to reassess the gold wave count and I now think there's a good chance that instead of a diagonal X wave, we might be working on an A-B-C upward move that could breach the $1,535 high on September 24 (but fails to set new highs).
If so, then this would possibly turn the W-X-Y or W-X-Y-X-Z combination into a 3-3-5 FLAT.
This would still likely entails a selloff after the B wave fails to breach the September 4 high, ensuing in the previously anticipated selloff to the $1,400.
If so, then this would possibly turn the W-X-Y or W-X-Y-X-Z combination into a 3-3-5 FLAT.
This would still likely entails a selloff after the B wave fails to breach the September 4 high, ensuing in the previously anticipated selloff to the $1,400.
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.