Gold: weekly wave analysis
Weekly. The market is now building a global descending correction. The market is currently accomplishing a descending zigzag .
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.