Bulletins for clarity:
1. Overall count is an impulse wave vs ABC.
Justifications for an ABC:
1. C wave hits a corrective 1.236 ext with a completed 5 wave structure
2. B wave is a flat and separated by larger time than a normal wave 2 typically is
3. The count from all time high is coming down with 5 waves; Starts with 5 waves, ends with 5 waves, meaning current move up is an ABC.
4. ABC is 98% validated when price pullbacks into 1350 price zone as that encroaches on wave 1. Only count it could be thereafter would be a leading diagonal.
Justifications for an Impulse:
1. Current bounce off .382 fib retracement for a 4th wave supported strongly
2. Stayed out of wave 1 territory thus far.
3. Needs to consolidate at current price with a flat or expanded flat for a 4th wave to justify us completing a 5th wave.
4. Structure moving up is a 5-3-5 so far, meaning either a zigzag or an impulse/motive wave (leading diagonal). No other options.
Hope this helps create structure and clarity on my expectations for GOLD.
This was a weekly chart, so plenty of time for it all to fill out, not expecting any overly aggressive moves outside of this range til more data develops.
Best of luck traders,
Schyler
aka The Hippo
1. Overall count is an impulse wave vs ABC.
Justifications for an ABC:
1. C wave hits a corrective 1.236 ext with a completed 5 wave structure
2. B wave is a flat and separated by larger time than a normal wave 2 typically is
3. The count from all time high is coming down with 5 waves; Starts with 5 waves, ends with 5 waves, meaning current move up is an ABC.
4. ABC is 98% validated when price pullbacks into 1350 price zone as that encroaches on wave 1. Only count it could be thereafter would be a leading diagonal.
Justifications for an Impulse:
1. Current bounce off .382 fib retracement for a 4th wave supported strongly
2. Stayed out of wave 1 territory thus far.
3. Needs to consolidate at current price with a flat or expanded flat for a 4th wave to justify us completing a 5th wave.
4. Structure moving up is a 5-3-5 so far, meaning either a zigzag or an impulse/motive wave (leading diagonal). No other options.
Hope this helps create structure and clarity on my expectations for GOLD.
This was a weekly chart, so plenty of time for it all to fill out, not expecting any overly aggressive moves outside of this range til more data develops.
Best of luck traders,
Schyler
aka The Hippo