Gold trend analysis update (bear market perspective)
This analysis is from the perspective of the early stages of entering the bear market.
The reason for the bear market
1. A weekly support line (wave4 estimate) was created below the last high.
2. Now, the correction is in the form of w-x-y, which should come down once more below the point that is considered the current support line.
3. If the currently created last weekly support is broken, it is highly likely to fall rather than rise, and the upper high is very likely to be a big C, not wave3.
It may be in the early stages of entering a bear market for the three reasons above.
Of course, it could turn into a bull market if it climbs higher at (Y) and hits the highs.
The reason for the bear market
1. A weekly support line (wave4 estimate) was created below the last high.
2. Now, the correction is in the form of w-x-y, which should come down once more below the point that is considered the current support line.
3. If the currently created last weekly support is broken, it is highly likely to fall rather than rise, and the upper high is very likely to be a big C, not wave3.
It may be in the early stages of entering a bear market for the three reasons above.
Of course, it could turn into a bull market if it climbs higher at (Y) and hits the highs.