We got a perfect A=C correction here wich stopped at 1460 and we are now seeing a big bullish candle due to a very bad ISM Manufacturing PMI.
This could be the start of a new bullish trend but it's best to have a 5 waves move up first before making such statement.
If we see price reverse and go lower, then we can consider the correction is ongoing.
This could be the start of a new bullish trend but it's best to have a 5 waves move up first before making such statement.
If we see price reverse and go lower, then we can consider the correction is ongoing.
Note
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Note
Clean 5 waves up here! After a pullback we should go up again
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Not very sure if this is an impulsive move up or a WXY correction…But because for now we're seeing slow and overlapping price action, I'll stay with the bullish bias.
If on the other hand we see price go sharply lower below 1460, we'll have to reasses the situation
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Price seems to be turning from this support zone. After wave Y reached 100% length of wave W. If we see a move above wave X high, chances for higher prices increase alot.Note
We got a Flat correction which stopped at 1473, near the 78.6% retracement level.Breaks of trend lines would indicate we're going higher.
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Gold - Going up but I don't trust this rise just yet. Notice that we're also seeing bearish divergence which indicates that we could see price go down once more soon. If we continue higher, chances for bulls to take over increase each time we break a bullish level.
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Gold - As expected we saw price come down after breaking this black trend line but because we did not see a new low I have hopes we'll see at least 1500 followed then by the other bullish levels depending on how price unfolds. Note
We could actually be in the beginning of wave (iii) of 3 !Note
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Gold - Made a bullish triangle ... Target zone is around 1510-1515 if not a bit higher. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.