Gold Intraday, Taking Another Hit

 The gold rally from late October sure was a very choppy affair, which is not the kind of rally we want to see at the start of any bull market moves. Today we are having a very fast move to the downside, which is bullish in the short term. This could be a 5th wave zigzag decline,  which only works for diagonal wave structures. 

With this wave count, gold must create a downside breakout below $1259.  Gold could even end up looking like a double or triple bottom, but that would leave the C5 wave rather short.   

Hits: 3

Share this...
Email this to someone
Print this page