Gold

1213.2! the target that pointed well on an excellent trading setup for short position.

After extending wave ((iii)) in its fifth-wave down, it’s expected to correct in wave ((iv)) to a partial retracement of the decline now.

Gold

An Excellent Setup :

Gold is continuing its decline well, toward the target at 1213.2.

As noted in the prior posts, a corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), could suggest an excellent setup for short position. The ratio is here almost 10! see on the chart below…

Gold

Extending Down :

The market selloff accelerated down in an extending third-wave of Minor-degree wave A.

The ultimate target ( for wave ((iii)) ) still remains at 1213.2, where the Minute-degree third wave will achieve the 1.618 times of the length of diagonal as wave ((i)).

Gold

Correcting Down :

The market selloff has accelerated down, as anticipated. The decline of Minute-degree wave ((iii)) would be extending in its third wave now.

The expected target remains intact at 1213.2, where the wave ((iii)) will achieve the 1.618 times of the length of diagonal as wave ((i)).

Gold

Correcting Down :

Gold should have completed the Minute-degree correction in wave ((ii)), on the Fibo 0.618 retracement level. A corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.

The market selloff would accelerate down (through 1213.2), in an extending third-wave of Minute degree of A.

Gold

Correcting Down :

On the Intraday charts, Gold could have completed the Minute-degree correction in wave ((ii)), on the Fibo 0.5 retracement level.

A corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.

Gold

In the Intraday charts, Gold is correcting up in Minute-degree wave ((ii)) after tracing out a leading diagonal as the same first-wave down.

A leading diagonal to the downside after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.

Gold

Bullish Outlook :

Gold is advancing in Minor-degree wave 5, which should carry price strongly higher than mid-March extreme over the coming days.

The uptrend is well in place, now against the recent low at 1225.

Gold

Bullish View :

Gold could have registered the Minor wave 4’s extreme at 1206, surround the expected target, and left the double-zigzag correction(81.8 points) in an exhaustive state.

The trend has turned to the upside now, and expect the Minor-degree fifth wave to rally in the coming days.

Gold