Gold - Double Zigzag pattern

10 thg 3, 2021

In the daily chart, Wave III has been completed in the range of $ 2075, and its corrective wave is in the form of a Double zigzag pattern, in which the downtrend can be extended up to the range of $ 1650.

(Daily Chart )

In the 240-minute chart, the diagonal pattern has formed, which by wave counting the details, this pattern is at the end of wave iii from point C, which is finished around $ 1676. Currently the price is in wave iv, in which the uptrend can be extended up to the range of $ 1750 (in the form of 3 waves)
If the price drags above the downtrend line and stabilized with 5 uptrend waves, the IV wave will probably end in the range of $ 1676.

By monitoring the details of gold charts in the daily and 240 minutes time frames, we can conclude a downtrend can be extended up to the range of $ 1650.