Hello friends,
This is Gold (Comex) hourly chart.
Currently we are in wave iv of wave C.
I think wave iv will form a triangle pattern and wave v will continue.
Wave i moved almost 70$ and wave iii moved 69$.
Since wave iii is shorter then wave i, wave v will be shorter then wave iii.
So the target for wave v will be less then 69 points from end of wave iv.
If wave iv forms a triangle, then if also confirms that this wave v will be a last leg from here and we may see a downside from that last leg.
Assuming wave d of wave iv goes up till 1375 and then wave e of wave 4 comes down till 1758 then wave v will end around $1420.
This is just for educational purpose please consult your advisor before trading.
Regards
Rinkesh Jain
This is Gold (Comex) hourly chart.
Currently we are in wave iv of wave C.
I think wave iv will form a triangle pattern and wave v will continue.
Wave i moved almost 70$ and wave iii moved 69$.
Since wave iii is shorter then wave i, wave v will be shorter then wave iii.
So the target for wave v will be less then 69 points from end of wave iv.
If wave iv forms a triangle, then if also confirms that this wave v will be a last leg from here and we may see a downside from that last leg.
Assuming wave d of wave iv goes up till 1375 and then wave e of wave 4 comes down till 1758 then wave v will end around $1420.
This is just for educational purpose please consult your advisor before trading.
Regards
Rinkesh Jain
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