22 Sep 2020 ● 08:10 AM
On the chart of Spot gold I am considering the following wave count changes. As we closed down for thed Month of August it is possible to mark the 3rd wave as 5 waves up and complete with some changes. This means that the 4th wave correction we are in is of higher degree. This is a weekly chart and the rising channel for the pattern is shown. Gold maybe in a triangle but the nature of the formation is not clear. Sideways or downward slanting. The immediate support is the 20 week average at 1856, and we will watch what happens there to also verify this. If it holds the earlier structure could still be valid wher we are in wave IV of 3 and not wave 4 itself. The difference is in the size and time of the correction tha may follow. Here 3=1 so it fits the requirements.