gold price made top at 2070 since than it is going down constantly (it has made a low of 1680)
price has completed its wxyxz wave now it is in its final wave Z
wave z can retest lower line of the channel
if wave Y and Z followed the symmetry of 0.618 projection than wave Z can make bottom at 1656
i have labeled this trend wxyxz wave not 135 because of triangle correction in middle of wave Y
(the past wave count from the top of wave X and low of wave Y are available in links at the end of this post)
if we use fib retracement tool for extension than our down target is 1656
if we use fib extension tool than our downside target is 1667
if we use simple support and resistance than our downside target it 1676
key economics events
fed pivot from QT to QE in recession fear
global recession forcing fed to rate cut
(both sign will be visible by the end of December)
price has completed its wxyxz wave now it is in its final wave Z
wave z can retest lower line of the channel
if wave Y and Z followed the symmetry of 0.618 projection than wave Z can make bottom at 1656
i have labeled this trend wxyxz wave not 135 because of triangle correction in middle of wave Y
(the past wave count from the top of wave X and low of wave Y are available in links at the end of this post)
if we use fib retracement tool for extension than our down target is 1656
if we use fib extension tool than our downside target is 1667
if we use simple support and resistance than our downside target it 1676
key economics events
fed pivot from QT to QE in recession fear
global recession forcing fed to rate cut
(both sign will be visible by the end of December)
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H4
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5 min time frame
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ending diagonal breakout
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H1 parallel channel
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after fomc
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gold reaction to fed comments "neutral rate" when inflation is still high
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i think we are ready for deep correction
