Gold Bullish Phase Impending Correction

For the last month or so cash gold produced about 7 wild spikes to the upside, which readers can all ignore. Anomalies like this do happen in futures forcing me to double check by the switch to line mode to see if the spike is real.

As wild as this bullish phase has been it’s pretty normal for diagonal wave structures. The 5th wave is another zigzag with one 5th wave being part of a “C” wave bullish phase.

The May/June zigzag is not even close to having an even “C” wave but I look for zigzags anyways. I allow much more extreme zigzag lengths like in 1930-1932 stock market decline. When a market dishes out a long “C” wave then I allow it and incorporate it into my version of the EWP.

The Gold price can crash again as this potential 4th wave correction has not finished.

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