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Trader, analyst and instructor with a 6-year experience

GOLD: weekly wave analysis

By Roman Petuchov

Weekly. The market keeps on developping the corrective wave [4] (bearish zigzag). The wave is now rather close to its end. 

 

Daily. The last part of the bearish zigzag took a form of a converging horizontal triangle. After that the market started forming a descending impulse V. Let's review the picture in details.

 

H4. Price formed a bullish corrective zigzag [4] inside of the impulse V. Wave [5] has been born on the last part of it. In the coming days we could see a corrective push higher (2), after that the decline is set to resume. 

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