Gold is in the position where the weekly correction ends and the daily downtrend begins. However, the correction is also a pattern that can be changed to a W-X-Y structure. If the dollar is short-term bearish, it could be a two case W-X-Y structure as shown in the chart.
The first is the W-X-Y structure of the daily bullish pattern, and is a weekly correction process.
The second is the W-X-Y structure of the weekly bullish pattern, and it is a monthly correction process.
We expect another downward wave near the monthly supply zone. Currently, it is a weekly down wave, so if it falls here, it will be propagated as a monthly down wave, and if so, the monthly down wave will come out large by the end of this year.
The first is the W-X-Y structure of the daily bullish pattern, and is a weekly correction process.
The second is the W-X-Y structure of the weekly bullish pattern, and it is a monthly correction process.
We expect another downward wave near the monthly supply zone. Currently, it is a weekly down wave, so if it falls here, it will be propagated as a monthly down wave, and if so, the monthly down wave will come out large by the end of this year.
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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.