The support level for a badly battered gold has been fairly well established.
The inadequacy of alternation between Intermediate (2) and (4)' leans toward the count for (5) of [3] becoming the count for the further extended (3) of [3].
The retrace of (3)' of 38.2% is typical. A positive divergence is being resisted but the prospect for upside from the Minuette (ii) this morning is looking quite good, albeit within an ongoing sideways constraint.
Update 29th Nov:
The channel has a break out with test at [ii].
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| When they get dizzy give them a pen. |
Update 18th Nov:
The 15 minute data view sees the completion of Minute wave [ii] with equal legs abc and positive divergence from sub 30 on the RSI. Wave [i] is seen as yet another leading diagonal which is indicative of highly unusual circumstances that are influencing the price behavior.
si metus foetet
From 12th Nov:
Wave 4 is seen as a double zigzag. The final leg is approved by the reverse 1.62 ratio extension.
From 4th Nov:
Within the Primary wave [3] the Intermediate 4th wave for Spot gold, XAU/USD is reviewed due to a perceived inadequacy of alternation with Intermediate wave (2). The previously ascribed impulsive Minor wave 1 of wave (5) is incorporated into the complex mid-wave extension. The C-leg is then a horizontal abc that runs into the apex of the triangle where it concludes the extended Intermediate wave (4) following the break out and test of the upper resistance line. The second break out is thereby seen as the commence of Intermediate wave (5) provided that the expected pull back to test does not go below point (4).
Wave numbering:
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