I may have to drop this wave count degree level down by one, and I also doubled the “Custom Bars” to 1000. During July I thought I would get a set of 5 waves but now even an extreme diagonal 4th wave is being pushed to the extreme.
Friday the USD dropped like a rock but at the same time we could end up with a huge open gap! The zigzag bullish run could be a bear rally and usually, any Elliott Wave bear market rally gets retraced by 100% or more.
In order for gold to keep soaring the USD has to backslide. Combine that with still horrible commercial hedger positions, we could see the USD twist and turn, up or down!
For now, the trend still seems down as some key support price levels could get trashed.