Loading ...GOLD one more leg down …
The pullback is still looking like an a-b-c correction (zig-zag).
On the weekly, the 50 DMA is at 1229 and will probably provide support for the next leg down to end this correction.
Last week, we made a consolidation for Minor wave 4.
Look for termination when wave 5 has completed at least five fractals in lower time frame and is in a coincidence of price and time. Also wave 5 in a corrections (abc) usually end in the area of prior wave 4 low.
Wave [c] equals 1.618 wave [a] at 1240.
Finally a wave 5 can end at anytime …
IF we bounce sharply from the 1210-1220 area, the odds are good that this count is right …
