Gold has broken out of a daily descending trendline and also what seems to be a bullish flag. I have since been waiting for a retest of that descending trendline and have been observing its behavior since. Naturally, the breakout leg provides an impulse move which consists of 5 waves. On the smaller timeframes, this is evident. We then expect a corrective structure usually in the form of an ABC count, which also then gives us a pattern, depending on the number of subwaves in that count. A and B have completely formed and it seems wave C is due. The bubble around 1830.00 is confluent with where the trendline on the daily timeframe passes through. This is a great alignment of events for me to target that area.
Let me know what your thoughts on gold are for the upcoming weeks, I would love to learn about some new perspectives.
I will be posting updates on this instrument below, please stay tuned.
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Didn't receive the pullback to the 61.8% as per impulse vs correction rules. It has reached the entry bubble for the end of the major correction. WXY. Looking forward to seeing some confirmation developments as the week progresses or the following one