Trader, analyst and instructor with a 6-year experience

Gold: weekly wave analysis

Weekly. The market is now building a global descending correction. The market is currently accomplishing a descending zigzag [4].

Daily. After building a convergind horizontal triangle IV we see a new descending impulse wave V being developped. Let's see the markup on the H4 chart. 

H4. The market has almost accomplished a bearish impulse (3). On the last part we see a horizontal correction (4) that takes a form of a zigzag. In the coming days it must be over. The decline in a new Southern wave (5) will likely start. 

There is a lso an alternative scenario: corrective decline into the 1212 area. The impulse growth will continue afterwards. 

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