Trader, analyst and instructor with a 6-year experience

Gold: weekly wave analysis

Authored by Roman Petuchov

Weekly. The market is now building a global corrective wave [4] (descending zigzag). The market is now forming the end of the bearish impulse wave (С). Let's see the details on D1.

Daily. Wave IV is a converging horizontal triangle. After that the market started to decline in a trend V. The price is now forming a strong and prolonged impulse [3].

H4. Small horizontal wave 4 of (c) is over. The market has started buidling a descending wave 5. On the new week we expect a bearish trend to extend. Alternative scenario - further trade in the wave 4 in a horizontal triangle. In this case the market will spend the week in a sideways trade. 

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