Gold (XAUUSD) Prepares to Revisit 2021 Lowsi posted an idea about 5 minutes ago which suggested that gold would be due for yet another all time high in the coming months, but immediately after doing so i recognized a glaring invalidation in the bottom of my wave structure.
with a three-wave move swinging down from $2063 to $1682, i consider this to be the first move within a 3-3-5 flat correction (better known as wave)
with a three-wave move to follow, which sent Gold from $1682 to $2067, i consider this to be the second move within a 3-3-5 flat correction (better known as wave)
considering a total 3-3-5 formation to develop here, i am looking for such a development of 5 waves to come down from $2067.
this five-wave move would complete the expected 3-3-5, Flat correction for Gold.
but where should/would/could the 5 wave move end and find bullish support?
with the aforementioned wave finding resistance at the 100% mark or peak of wave 's start,
we can generally expect wave to find support near 100% of wave 's bottom.
this bottom is very much near $1682.
i believe the internal construct of the downside wave to already be in motion obviously,
as to how its forming so far and how it will continue to form, this is my prediction.
