Gold Update: 1/26/2024

Gold has been consolidating for a while now with-in this wave (5). Structure appears to be waiting for wave 3 of iii of (5) to start. These corrective waves with-in an impulsive count can last for an unreasonable amount of time. There is nothing that dictates the amount of time ANY wave has to take, only that corrective waves are comprised of 3-wave moves. These waves can sub-divide smaller and smaller for any amount of time. The longer they are and the closer they are together, the more complex they become to count. These are the times when you should zoom out to the larger time frames and step out of the weeds for a while. This micro part of the count has been sub-dividing since 04 Dec of last year if that says anything.

Impulsive waves in general take much less time than corrective counts due to their nature. They're very strong and reach their respective target fast. Corrective waves can be extremely weak, hence the many sub-divisions. So, for now, we wait for the next impulsive part of the count to start.