In my previous analysis on GOLD, we searched for the bottom of wave ((2)) which ended a bit lower than expected but still within its' range. We are now strongly rising up from it.
TA:
From the bottom of the 16th of May, we first did a 5 waves impulse ((i,ii,iii,iv,v)) as a first wave 1 of (1) of the larger ((3)) that is developing.
The 2nd wave also look to be finished and we should now be in the 3rd wave with a 161.8% fib ext target to around 1970$.
Now, because I think we still are in the (1)st wave of ((3)), the target could be lower (100% ext fib at around 1913$) and develope a tricky leading diagonal*.
But the probabilities are more in favour for a normal impulse upwards making the 161.8% ext fib target more probable.
*A Leading Diagonal: is a 5 waves move that happens in either in wave 1 of an impulse or wave A of a zigzag . It's a the only bullish 5 waves sequence (with the ending diagonal ) where the 4th wave of it breaks below the top of the 1st wave. Its' subwaves are usually 3 waves sequences.
TA:
From the bottom of the 16th of May, we first did a 5 waves impulse ((i,ii,iii,iv,v)) as a first wave 1 of (1) of the larger ((3)) that is developing.
The 2nd wave also look to be finished and we should now be in the 3rd wave with a 161.8% fib ext target to around 1970$.
Now, because I think we still are in the (1)st wave of ((3)), the target could be lower (100% ext fib at around 1913$) and develope a tricky leading diagonal*.
But the probabilities are more in favour for a normal impulse upwards making the 161.8% ext fib target more probable.
*A Leading Diagonal: is a 5 waves move that happens in either in wave 1 of an impulse or wave A of a zigzag . It's a the only bullish 5 waves sequence (with the ending diagonal ) where the 4th wave of it breaks below the top of the 1st wave. Its' subwaves are usually 3 waves sequences.