Gold - Long term view and wave count
Om Namah Shivay
Today tried with Gold after seeing one post. The Gold wave count is simple and does not show any complexity.
The recent resistance at 78% is perfect for an up movement. The up movement can take some time in case the leg 4 is sideways.
In case the price goes below 78% ( see, the resistance taken is exactly at 78.6%), then we may see around 61.8%. Then the structure will be different with leg 4 going more down.
If price respects the 78.6 percent with leg 4 then the up movement is see around till 56500 level.
The Leg 2 is simple, That means leg 4 formation can be complex, or starting of leg 5 will be taking some time.
All these are personal views on Gold. There are no recommendation or Call recommendation. Just an analysis.
Om Namah Shivay
Today tried with Gold after seeing one post. The Gold wave count is simple and does not show any complexity.
The recent resistance at 78% is perfect for an up movement. The up movement can take some time in case the leg 4 is sideways.
In case the price goes below 78% ( see, the resistance taken is exactly at 78.6%), then we may see around 61.8%. Then the structure will be different with leg 4 going more down.
If price respects the 78.6 percent with leg 4 then the up movement is see around till 56500 level.
The Leg 2 is simple, That means leg 4 formation can be complex, or starting of leg 5 will be taking some time.
All these are personal views on Gold. There are no recommendation or Call recommendation. Just an analysis.
Om Namah Shivay
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