Gold ~ finishing the final sub-waves of the fifth wave...


Gold had a nice decline from the recent 1691.00 high but, as this chart shows it is clearly three waves labeled (a)-(b)-(c). This means that it's likely the three waves was wave [iv] of 5.

The move up off the low has rallied back to test the high in what appears to be five waves on the 15 minute charts. Price should continue to a new high unless wave [v] has already completed which would mean a truncated fifth wave. Since truncated fifths are very rare we'll look for a new high before the end of the rally!


Notice on the long term chart how well the five wave rally for wave (C) has stayed in the (blue) channel lines. Breaking below the lower channel line (on a closing basis) will signal the end of the rally that will lead to a quick move down to the previous wave 4 low of 1459.00

This will be the beginning of a larger five wave decline to unfold as wave [C] well below the wave [A] low made in December 2015.

Follow the Trend
and
"Trade Safe"

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