Disclaimers :

1…I know only the very basic level of E W
2….I admit I don’t use EW in my trading.
3….Beyond the basics , It is too complex for my simple mind.
4….I don’t really like it.

But what I do understand is the premis . Markets tend to trade in 5 waves up followed by 3 waves Down (A B C) or vice versa ( Down then Up in a Bear)

After that… the rules get too complex for me . But to each his own.

So here is what I see in Gold. (E Wavers feel free to blow this up 🙂

………………….

We had a nice first Move and now we are digesting it.

Likely we are not done as the 38% fibo has not even been hit yet and often even the 50% fibo needs to be hit before wave A down is done .

Then theoretically we would bounce in a B Wave up then down again in a C wave….before the next leg up can begin.

Flames .. Arrows ?