For Gold in the major time frame i believe we are currently in a 5 waves move down pattern. Within that 5 waves move down we have completed its Wave 1 and we are currently in the midst of completing its Wave 2. Wave 2's usually unfold as a zig zag and there is a strong reason to believe this Wave 2 will be unfolding as a zigzag structure as well. A zigzag occurs in (5-3-5) wave format. In this instance we can see that we have done its A LEG (5) and B LEG(3) moves respectively. Therefore i believe we will see another minor 5 waves up to complete the C LEG of the ZigZag. Another thing to take note is that A LEG and C LEG's in a ZigZag usually are about the same length. Hence if you are going to go for the buy setup i believe a good TP area would be the 100% extension of LEG A to LEG B. Basically LEG C length should equal LEG A's length.
After this particular move up which would conclude the ZigZag for Wave 2 i believe we will start having another massive move to the downside for Wave 3. However for now its best to focus on Wave 2 till it ends. As sometimes Wave 2's can be a little complex and might end up doing extensions etc.
After this particular move up which would conclude the ZigZag for Wave 2 i believe we will start having another massive move to the downside for Wave 3. However for now its best to focus on Wave 2 till it ends. As sometimes Wave 2's can be a little complex and might end up doing extensions etc.