Search ForexCrunch

Gold is turning up in five-waves for a bigger wave C that is part of a bigger corrective wave E). We specifically see sub-wave iv of C in play which looks to be unfolding a triangle correction, a continuation pattern that can once completed push price into a new and final rally, into wave v. A triangle is slow and sideways, and consist out of five waves, so price may still be trapped in range for some days, before more upside may follow.

GOLD, 4h

A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves, B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

Triangle correction:

www.ew-forecast.com

@ewforecast