You can see waves 1, 3, and 5 formed from smaller impulsive 5-wave patterns, while waves 2 and 4 are formed from smaller corrective 3-wave patterns. Always remember that each wave is formed from smaller wave patterns. This model repeats itself indefinitely. On the daily chart, I see wave 4 forming. The RSI is rising high, indicating strong buying pressure. Using Fibonacci, I see wave 4 likely to retrace to the 0.382 or 0.236 level before running wave 5 to the 0.618 level.
Comment:
Comment:
Gold is running wave 4 exactly as I predicted
