Gold has completed a Weekly Wave 3 high and is heading into a Wave 4 correction.
This makes logical sense, trend is up, large gains have been made and price has reacted perfectly to the weekly/monthly resitance levels at C 1565.
Price needs to cool off and refresh before resumption. Be mindful of choppy conditions until completion- Wave 4 can often whip saw postions too and throw. Typically look for intraday shorts off rallies or breaks with conservative target levels.
Wave 2 was approximately 11 weeks, my idea is Wave 5 could begin end of October give or take.
Potential and basic levels to watch could be between the 382 and 236 using the August 2013 swing high and the July 2019 Cluster of tails. Will be updating as Price progresses through September and October.
Please comment- I am interested to learn what other EWT technicians ideas are on Wave 4's and what they see unfolding in terms of price, trend, structure and W5 buying opportunities.
Trade safe Everyone. :-)
This makes logical sense, trend is up, large gains have been made and price has reacted perfectly to the weekly/monthly resitance levels at C 1565.
Price needs to cool off and refresh before resumption. Be mindful of choppy conditions until completion- Wave 4 can often whip saw postions too and throw. Typically look for intraday shorts off rallies or breaks with conservative target levels.
Wave 2 was approximately 11 weeks, my idea is Wave 5 could begin end of October give or take.
Potential and basic levels to watch could be between the 382 and 236 using the August 2013 swing high and the July 2019 Cluster of tails. Will be updating as Price progresses through September and October.
Please comment- I am interested to learn what other EWT technicians ideas are on Wave 4's and what they see unfolding in terms of price, trend, structure and W5 buying opportunities.
Trade safe Everyone. :-)