The wave count on the quarterly and monthly timeframes has not changed. You can refer to the previous review for clarification in determining the current market position. .
Wave X of (3) within the βΈ of I will probably take the form of a . In the triangle, growth is expected in the form of a β. ___________ β XAUUSD, πTF: 6h Fig.2
Wave β of X is at the final stage of development of zigzag (a)-(b)-(c).
The critical level of the preferred wave count is the top of the intermediate wave (2), "invalid." level . The breakdown of this level will exclude the counting of wave X in the form of a triangle, and an alternative count will come into effect. ___________ β XAUUSD, πTF: 20min. Fig.3
It is expected that the wave v of (c) of β will take the form of a . ___________ ___________ ββ Alternative count β XAUUSD,πTF: 1D Fig.4
The alternative count advocates a deeper correction within wave (2). The down wave, which originates from the August high of 2020, can be represented by wave A as an initial expanding diagonal, followed by wave B as a β¦-β§-β¨. If this assumption turns out to be correct, then we expect a further decrease in C with a target in the blue channel.
Before opening a short position, it is necessary to wait for the completion of the upward correction in (ii) of ((iii)). Perspective trading setap β on breakdown of top b of (ii), in case the wave (ii) will take the form of a or flat.