Wednesday, March 2, 2016

Gold: Do We Have a Triangle?

Do you still remember the movement of Gold; the ending diagonal that signaled the end of the impulse wave from $1920?

Price was expected to break out of the diagonal with a corrective pattern starting with a 5-wave drive or a 3-wave.

We seem to be having the 5-wave drive as price broke out of the diagonal ferociously . The forming 5-wave signaled that corrective pattern we are expecting could be a zigzag pattern or its extension/variety.

The first leg potential 5-wave is about completing its 4th sub-wave with a clear contracting triangle. A break above this triangle upside could move price to 1300 or higher to 1400.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...