I’m sure the gold bugs will not like the US dollar wave count, but it runs inversely to the Euro and wouldn’t do it’s “own thing” no matter what we think.
For gold to soar, we need the US dollar to implode, but obviously that is not happening at this point. This potential 5 wave run looks identical to the Euro 5 wave decline. I also moved my bearish degree level down by one with this run, but may have to shift back if this pattern does something completely different.
As it sits this US dollar bullish phase is not completed but a correction seems to be in progress. It’s this USD correction that has stopped gold’s decline for now. This bullish phase could move at a very high speed, but it is developing a pretty good looking impulse which can make it easier to count out.