Gold Intraday Crash Review

Since the November peak gold has developed a pretty good long impulse to the downside. Gold is on the border line of a downside breakout, as another little 5th wave may need to play out. Any new downside move can now work as an expanded flat pattern with the potential for a “C” wave bullish run still to come. 

I switched to a Minor degree diagonal wave 3 at the September peak, but it’s not chiseled in stone at this point.  In this potential rally we have to let the full run play out. The higher it goes the better, as the declining “C” wave, will then be shorter.