Thoughts on Gold
Updated
Gold are in crossroad between bullish or bearish. I have some views on why this up move is corrective rather than impulsive.First, if it's an impulsive it should break the base channel upward (which differentiates between impulsive and corrective), but it's failing which indicates it isn't an impulsive. Second, the internal structures are not fit to any impulsive/leading pattern because it keeps breaking the rules. My views are based on my EW analysis, suggestion/correction are welcomed :)
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In depth view of wave A (5 wave impulsive)Wave 3 perfectly break the base channel which indicates it's a strong impulsive. Wave 4 touched double channel (fork) that formed from wave 1 and wave 3 extremes.
Wave 5 finished with 61.8 ratio of wave 1 and 3
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In depth view of wave B (3 wave corrective)Right after wave A formed, wave B commenced and formed an expanding flat.
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In depth of wave C (5 wave Impulsive)Same technique as wave A but here, wave 5 forming an ending expanding diagonal.
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