Small Retracement Followed by BUY
As mentioned in my previous analysis, we expected Gold to push down to complete the Flat Structure for its Leg B in the main Zigzag corrective structure for WAVE 2. Now that we are done with LEG B of the Zigzag we can start focusing on LEG C of the Zigzag which should unfold in a 5 waves pattern.
Right now we seem to have completed Wave 1 , selling at this point is slightly Risky as Medium term momentum is still to the upside.Price can still break above before dropping for Wave 2 to hunt for SL's. Another option which is less of a risk is to wait for price to make atleast a 50% retracement of Wave 1 before we enter our BUYS FOR WAVE 3. Take Profits for WAVE 3 will be the 161.8 extension of WAVE 1 to WAVE 2 of the fibonacci extension levels.
Right now we seem to have completed Wave 1 , selling at this point is slightly Risky as Medium term momentum is still to the upside.Price can still break above before dropping for Wave 2 to hunt for SL's. Another option which is less of a risk is to wait for price to make atleast a 50% retracement of Wave 1 before we enter our BUYS FOR WAVE 3. Take Profits for WAVE 3 will be the 161.8 extension of WAVE 1 to WAVE 2 of the fibonacci extension levels.
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