I can count 5 waves down from 1722, contained by parallel lines, that meets minimum expectation of exceeding length of wave 1 of 3 by a few dollars.
Subsequently, price action has broken out of the channel which indicates wave 4 of 3 has begun. All sorts of resistance above....structural, trendline, fib.... However, over lap with wave 1, just above the fib .382 retracement, may indicate that this isn't all of wave 3, but instead it's subdividing. Which would mean much lower still to go for wave 3.
Price above 1722 breaks my count, but I'd probably give up on it before it got to that point.
Subsequently, price action has broken out of the channel which indicates wave 4 of 3 has begun. All sorts of resistance above....structural, trendline, fib.... However, over lap with wave 1, just above the fib .382 retracement, may indicate that this isn't all of wave 3, but instead it's subdividing. Which would mean much lower still to go for wave 3.
Price above 1722 breaks my count, but I'd probably give up on it before it got to that point.
Commentaire:
Overlap with wave 1 of 3. I'd favor idea that wave that terminated at approx 1670 is wave 1 of 3 of 3 of wave 1 down of C.
Commentaire:
Current wave has now retraced fib .618 at 1702. If my count is correct, gold should turn down in a 3rd of 3rd of 3rd wave. Wait for confirming price action to break 1692 then use wave 2 top as a stop.