GOLD is dropping from the 1295 level in five minor waves, which can be start of a wave c of a higher degree. We know that after every five-waves a temporary three-wave pullback may follow, which can later look for resistance and a turn lower around the 1287/1290 region. Invalidation level is at 1295.
No change. Precious metal was trading bullish from 1232 level and also unraveled a five-wave movement within leg five of A. This five-wave movement can now be retraced by a temporary three-wave pullback, labelled as wave B, which can look for support and a bounce near the Fibonacci ratio of 50.0 or 61.8(1265/1260 area). That said, currently we see price unfolding sub-wave b of B, which can look for a bearish reversal near the 1300 zone.
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Elliott degrees in order: Grand Super cycle wave, Super cycle wave, Cycle wave, Primary wave, Intermediate wave, Minor wave, Minute wave, Minuette wave and Subminuette wave.
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