🪙Gold: triangle in wave X

●● Preferred count
● XAUUSD, 🕐TF: 1D

Fig.1

The wave count on the quarterly and monthly timeframes has not changed. You can refer to the previous review for clarification in determining the current market position. Here.

Wave X of (3) within the diagonal Ⓒ of I will probably take the form of a contracting triangle. In the triangle, growth is expected in the form of a single zigzag ⓓ.
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● XAUUSD, 🕐TF: 6h

Fig.2

Wave ⓒ of X is at the final stage of development of zigzag (a)-(b)-(c).

The critical level of the preferred wave count is the top of the intermediate wave (2), "invalid." level . The breakdown of this level will exclude the counting of wave X in the form of a triangle, and an alternative count will come into effect.
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● XAUUSD, 🕐TF: 20min.

Fig.3

It is expected that the wave v of (c) of ⓒ will take the form of a ending diagonal.
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●● Alternative count
● XAUUSD,🕐TF: 1D

Fig.4

The alternative count advocates a deeper correction within wave (2). The down wave, which originates from the August high of 2020, can be represented by wave A as an initial expanding diagonal, followed by wave B as a double zigzag ⓦ-ⓧ-ⓨ. If this assumption turns out to be correct, then we expect a further decrease in impulse C with a target in the blue channel.

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● XAUUSD,🕐TF: 6h

Fig.5

Before opening a short position, it is necessary to wait for the completion of the upward correction in (ii) of ((iii)). Perspective trading setap — on breakdown of top b of (ii), in case the wave (ii) will take the form of a single zigzag or flat.

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