This is the read that makes most sense to me. And I have zoomed all the way into 15m, for you to be able to see my thoughts around it all.
For that wave down from April 2nd to April 7th to make any sense to me, I have labeled it as W-X-Y to complete (A). At first I had labeled it as a diagonal, but then price should not have retraced as much as it has since April 7th.
And I also believed Gold has finished a 5th of a 5th wave, so we need to see some more correction before price head to the upside again.
I simply can't read the retracement back up since the April 7th as a A-B-C, and this is why I believe price is just finishing up the A wave (and it might already have) before it goes into the B correction.
The initiated wave down (wave B of (B)) I believe will go down to 3,044 - 3,013 level and then finish of the flat with a wave C of (C).
This wave C should be able to go to the 3,130 - 3200 level.
But as I said, first we spend some days to the downside heading for that 3,044 - 3,013 level.
What is your current take on gold?
For that wave down from April 2nd to April 7th to make any sense to me, I have labeled it as W-X-Y to complete (A). At first I had labeled it as a diagonal, but then price should not have retraced as much as it has since April 7th.
And I also believed Gold has finished a 5th of a 5th wave, so we need to see some more correction before price head to the upside again.
I simply can't read the retracement back up since the April 7th as a A-B-C, and this is why I believe price is just finishing up the A wave (and it might already have) before it goes into the B correction.
The initiated wave down (wave B of (B)) I believe will go down to 3,044 - 3,013 level and then finish of the flat with a wave C of (C).
This wave C should be able to go to the 3,130 - 3200 level.
But as I said, first we spend some days to the downside heading for that 3,044 - 3,013 level.
What is your current take on gold?
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.
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.