MGC1! We got this wyckoff forming right where our Wave 4 is supposed to be, which makes me look at this dip as a buying opportunity to catch this possible Wave 5 move towards 3504.
- For that to happen, we need price to break through 3442-3428 range with strong momentum.
- A rejection of that level can send price down towards 3358 level.
MGC1! Honestly thought Gold would be shooting for the moon right now with all the chaos currently in the news..Crazy confluence incoming with FOMC on wednesday .. Gold is either going to Valhalla or Hades after FOMC. Expect consolidation anytime on tomorrow leading up to fomc
- If the pullback happens, it could be a retest of the HVN resistance, and if price gets rejected in that range, we will go towards our bearish scenario.
- However, if price breaks above that range with strength it will mean that we are now going towards our Wave 5 target near 3504.
- Levels to watch: 3504, 3442, 3430, 3416, 3358, 3283.
MGC1! We got this wyckoff forming right where our Wave 4 is supposed to be, which makes me look at this dip as a buying opportunity to catch this possible Wave 5 move towards 3504.
