Gold best count
So, this one counts nicely on the weeklies and is preferred based on the weight of the presently available evidence. As per this count:
1) The rally since the Dec '15 lows is impulsive and is incomplete with price currently in w(4) of this rally
2) w(3) is extended and w1 of (3) has been marked as a Leading Diagonal
3) The entire sideways movement since the third wave top is increasingly looking like a Flat formation
4) Wave (b) of this supposed Flat in w(4) is made up of a triangle in its second wave and therefore, the thrust towards the former record was not to be chased further on the upside -- remember, triangle thrusts end trends
5) The decline since then has the looks of an impulse down in w(c) of the flat
6) Under the Flat's guidelines (unless this is a running flat), ideally, w(c) should end below the extreme recorded by w(a) -- the low of this wave was 1670
7) If not a flat in w(4), what's the alternative? It's a triangle, which means more sideways churn but in no condition should the price drop below 1670 for the triangle to be valid.
With the DXY now testing the top end of its 6-year sideways range, the yellow metal is hanging by a thread. Let's see what the future brings.
(Please note the alternate count of a triangle is not highlighted on the chart)
1) The rally since the Dec '15 lows is impulsive and is incomplete with price currently in w(4) of this rally
2) w(3) is extended and w1 of (3) has been marked as a Leading Diagonal
3) The entire sideways movement since the third wave top is increasingly looking like a Flat formation
4) Wave (b) of this supposed Flat in w(4) is made up of a triangle in its second wave and therefore, the thrust towards the former record was not to be chased further on the upside -- remember, triangle thrusts end trends
5) The decline since then has the looks of an impulse down in w(c) of the flat
6) Under the Flat's guidelines (unless this is a running flat), ideally, w(c) should end below the extreme recorded by w(a) -- the low of this wave was 1670
7) If not a flat in w(4), what's the alternative? It's a triangle, which means more sideways churn but in no condition should the price drop below 1670 for the triangle to be valid.
With the DXY now testing the top end of its 6-year sideways range, the yellow metal is hanging by a thread. Let's see what the future brings.
(Please note the alternate count of a triangle is not highlighted on the chart)
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