Final wave down for gold forming wave 5. Wave 4 was consolidation within price range of wave 3 now wave 5 impulse should be diagonal down.
A possible inverse head and shoulders formed on the weekly chart for gold, followed by a breakout at the neckline. I think i see an attempt at an adam and even double bottom which would mean the trend should change to bullish. Could this be a turn around point for the trend in gold? Once again, healthy criticism is welcome, its all part of the learning...
Playing with patterns, i think the trend will continue with gold, a further drop.
Experimenting with waves for the first time, please critic if the wave sizes are wrong etc, want to learn. Macd on daily has crossed, heiken ashi showing nice patterns. thanks
Possible double top formation, heiken ashi gives smoother trend picture