Overview 13th March..
This weekly chart for XAU/USD gives the bull and bear views. For gold the long term trend has a well established trait of mean reversal towards a consistent buying power. The bears will now point to the price of oil and commodities and expect that gold will trend in a similar manner. Bulls will point to safe haven status in times of uncertainty and expect this factor to gain the upper hand.
At present the bull case is in a cluster of 4th waves destined to end only with the arrival of a completed Primary [4]. The bull/bear forces are generating sharp changes of direction which give an expectation that Primary [4] will have alternation against wave [2]. Also bullish is the peak of RSI within wave [3] which often announces the reset correction of an extension pattern.
The 5th wave is often unexpected and is a surprise to those that see a trend change being signaled by the 4th wave.
Update 13th March..
The view changes as a lower low occurs. Unexpectedly too. This review sees an extension within the final leg of Intermediate (3). Also unexpected. The daily RSI can accommodate more of the same, but that would be favoring the premature arrival of Primary [4] and the 4's prefer proximity with each other. But that would not be unexpected.
Update 10th March
This weekly chart for XAU/USD gives the bull and bear views. For gold the long term trend has a well established trait of mean reversal towards a consistent buying power. The bears will now point to the price of oil and commodities and expect that gold will trend in a similar manner. Bulls will point to safe haven status in times of uncertainty and expect this factor to gain the upper hand.
At present the bull case is in a cluster of 4th waves destined to end only with the arrival of a completed Primary [4]. The bull/bear forces are generating sharp changes of direction which give an expectation that Primary [4] will have alternation against wave [2]. Also bullish is the peak of RSI within wave [3] which often announces the reset correction of an extension pattern.
The 5th wave is often unexpected and is a surprise to those that see a trend change being signaled by the 4th wave.
Update 13th March..
The view changes as a lower low occurs. Unexpectedly too. This review sees an extension within the final leg of Intermediate (3). Also unexpected. The daily RSI can accommodate more of the same, but that would be favoring the premature arrival of Primary [4] and the 4's prefer proximity with each other. But that would not be unexpected.
Update 10th March
Wave 2 performs the triple zigzag. That's entertainment. Now waiting for the stimulus.
Update 9th March am..
This 15 minute view sees Minor wave 2 of Intermediate wave (5) in progress with a target of [iv]. Minor wave 1 is seen to have extended with a now typical 5-3-5 pattern within the 3rd wave, which is Minute wave [iii] in this case.
ire viridi et
From 6th March..
The chart is 4-hourly for spot Gold.
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