If what we are witnessing is a wave 2 down and not another down leg in gold (5th wave from ATH) then a complete retrace could form as an a-b-c - creating a shs with a target around 1200. But with today's hammer candlestick and the huge volume. I believe we have the low in with a 50 % retrace of 1188 low and 1435 top.
(Gold has been very difficult to count and continue to be. With a break of the double bottom - gold will for sure be in a 5th leg down. And again - a 5th wave could truncate so a lower low and a huge hammer candlestick could form. All options are open.
Safe trading gents! There is no easy way with gold at the moment.
BM
(Gold has been very difficult to count and continue to be. With a break of the double bottom - gold will for sure be in a 5th leg down. And again - a 5th wave could truncate so a lower low and a huge hammer candlestick could form. All options are open.
Safe trading gents! There is no easy way with gold at the moment.
BM