Hello traders
I'm still holding my word that GOLD STILL IN CORRECTION and this is my interpretation with a nice risk reward ratio of 1 to 5.
Gold decline started august 6 with a sharp decline from $2074 to $1863 that I identify as wave W (Zig-Zag) followed by a triangle pattern (Wave X) and it's triangle thrust as wave Y that ended on September 24th at $1845 . After that market has been tricky trading sideways and I identify that move as an expanded triangle or a complex correction in minor degree (Wave X of WXYZ). Now I have my eye on the yellow square, from Oct 26th to to 29th i see an ABC decline and after that another ABC sharp uptrend which tells me this could be an expanded flat (3,3,5) 3 waves down 3 waves follow by 5 wave decline which could be a sharp decline with targets to at least $1808 and this will complete the pattern (WAVE Z)
Happy trading
thanks
I'm still holding my word that GOLD STILL IN CORRECTION and this is my interpretation with a nice risk reward ratio of 1 to 5.
Gold decline started august 6 with a sharp decline from $2074 to $1863 that I identify as wave W (Zig-Zag) followed by a triangle pattern (Wave X) and it's triangle thrust as wave Y that ended on September 24th at $1845 . After that market has been tricky trading sideways and I identify that move as an expanded triangle or a complex correction in minor degree (Wave X of WXYZ). Now I have my eye on the yellow square, from Oct 26th to to 29th i see an ABC decline and after that another ABC sharp uptrend which tells me this could be an expanded flat (3,3,5) 3 waves down 3 waves follow by 5 wave decline which could be a sharp decline with targets to at least $1808 and this will complete the pattern (WAVE Z)
Happy trading
thanks
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