MGC1! Price hit our FVG target. We can already see some bullish divergence at that range but this doesn't mean we have bottomed.
We have 2 scenarios possible scenarios: - Red: Price will test the breakdown at 3366 and will be rejected before it breaks below our support at 3278 and continues down towards our Wave C target at 3160.
- Green: Price will accumulate in that zone, before going towards 3366, breaking that resistance and then continuing up towards ATH around our Wave 5 target at 3640-3840.
MGC1! I got these 3 scenarios I am looking at right now. A lot of it depends on what the SPY decides to do. If we pump above 570 with strong momentum, we might break through that trendline and go towards our Wave C target or stopping at that 3210 level and creating a double bottom.
If S&P price begins to reverse around the 570 level, I expect gold to do what the orange scenario shows.
MGC1! We got a consolidation printing Higher highs and higher lows. If this consolidation is not done, I expect price to hit that 1h FVG before reversing down towards another FVG. The other theory is based on the impulse not being over yet and the target is a new ATH. Fed's decision today will dictate the move. Lower rates = pump on S&P + dump on gold, and vice-versa.