Quick plot going into NY session on Friday to end the week. Asia went heavy Risk ON, Europe and UK equities are rising. US-China trade talks has some good news releaded (suspicious).
Plotted are three Support Zones of concern. EW waves are a pure guess but looks "kosher". Correction to continue for at least one more leg.
Expecting a bounce until NY Open. Then we should see strong leg down. If not, then the plot comes into doubt.
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Previous Gold Analysis (click): <= Awesome Short <= Still Plausible <= Just in Time <= Called the Jump <= To the Penny <= To the Penny <= 8 mos ago
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Just got our first test of the "Tired Support"
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Target hit! keeping some open as we may be going for the extended target since this is the first bounce.
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Fib-Ray of the rapid drop Even fast moves have to follow the rhythm. I am thinking final target for this wave is the 9.618, but expecting a wee bit more of a bounce before continuation.. maybe, it got sold HARD !Q
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That may have been "it" for the bounce lets see if now start the final decent to come in for a solid landing for the weekend.
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1475.30 ought to bounce a bit but I think 71.5 is on the menu