Gold Correction Wave Near Completion
Updated
Gold : After Making peak in 1st week of August20, presently Gold is moving in a channel indicating that its in a Corrective Wave ABC, which can be further subdivide into three smaller degree wave of 3-3-5 type.
Wave a : abc [3]
Wave b : abc [3]
Wave c : abcde [5] Still in Making [ 46922 to 42225 ?? ]
Considering this, Now If we consider Wave - c of corrective wave as 5 wave pattern than it gets justified, because 3rd wave [ 46922 to 42225] of 5 wave pattern is getting support at almost 1.618 times of five wave-1 [44,000] which is as per ELLIOT WAVE Guideline. And with this we can expect a wave-4 bounce up to 47,000 which will be 38% Fibonacci retracement of Wave-3 of same Degree.
Further last leg of corrective wave can be up to @ 43,000 and expect a support at this Zone which also falls in vicinity of 61.8% Fibonacci retracement of Higher Degree of Impulse Wave-3 of Latest Major upside which started from @ 30,000 In MAy19.
If Gold is able to sustain Above 48,000 than It will we confirmation of Movement Above the channel it is following and also End of Corrective Wave which was started in Aug20. And we can expect Gold to start Its Journey for Next Impulse Wave BULL RUN to Make NEW HIGH
Wave a : abc [3]
Wave b : abc [3]
Wave c : abcde [5] Still in Making [ 46922 to 42225 ?? ]
Considering this, Now If we consider Wave - c of corrective wave as 5 wave pattern than it gets justified, because 3rd wave [ 46922 to 42225] of 5 wave pattern is getting support at almost 1.618 times of five wave-1 [44,000] which is as per ELLIOT WAVE Guideline. And with this we can expect a wave-4 bounce up to 47,000 which will be 38% Fibonacci retracement of Wave-3 of same Degree.
Further last leg of corrective wave can be up to @ 43,000 and expect a support at this Zone which also falls in vicinity of 61.8% Fibonacci retracement of Higher Degree of Impulse Wave-3 of Latest Major upside which started from @ 30,000 In MAy19.
If Gold is able to sustain Above 48,000 than It will we confirmation of Movement Above the channel it is following and also End of Corrective Wave which was started in Aug20. And we can expect Gold to start Its Journey for Next Impulse Wave BULL RUN to Make NEW HIGH
Note
Going As per expected trendNote
Gold M took a pause exactly at mentioned level
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