The triangle count for the wave (4) i was tracking for over a month is now solidly invalidated. Gold has slighly exceeded the .50% retracement level of the wave (3) - and we found gold at the region where wave (4) count looks less likely then earlier, imHo. Nevertheless, as long as 1275 GC holds wave (4) count is technically valid.
As for alternatve I am track the blue count having the alt (B) bottomed (4 hr chart) - this option is now also on the table. But as long as 1275 GC holds I will keep simple logic: wave (4) is my primary count until invalidated.
The hourly chart presents the count of the lesser degree; among several counts that could be applied I am watching wave (c) of alt (y) with ideal target at 1256 - 1260 region. Micro count may be considered complete though - so if gold will breach 1221 GC and hold there I'll get an initial sign of the high is in place. Below 1204.2 GC I will consider the high confirmed.
The daily chart is not overbought yet - but gold stuch to the upper BB and so far can't hold above it. The technical make me leaning to the moderate bearish estimation then strongly bullish - but I certainly allow that we'll see slightly higher levels soon. The way gold will react to the upper BB in the nearest few days will also be very telling.
As for alternatve I am track the blue count having the alt (B) bottomed (4 hr chart) - this option is now also on the table. But as long as 1275 GC holds I will keep simple logic: wave (4) is my primary count until invalidated.
The hourly chart presents the count of the lesser degree; among several counts that could be applied I am watching wave (c) of alt (y) with ideal target at 1256 - 1260 region. Micro count may be considered complete though - so if gold will breach 1221 GC and hold there I'll get an initial sign of the high is in place. Below 1204.2 GC I will consider the high confirmed.
The daily chart is not overbought yet - but gold stuch to the upper BB and so far can't hold above it. The technical make me leaning to the moderate bearish estimation then strongly bullish - but I certainly allow that we'll see slightly higher levels soon. The way gold will react to the upper BB in the nearest few days will also be very telling.
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