I think I drew this "resistance" box on my chart in early June, after presumed wave (2) looked complete. It's certainly lived up to it's name. Certainly possible to see a deeper pullback from here. Nothing suggesting an imminent rally yet. But get over resistance and gold could resume strong performance.
Looking promising so far. Still want 5 waves up. Could be wave iii has already completed. Note negative divergence already forming on short term time scales.
nick.holland78
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That is, still want 5 waves up to complete wave (i) off the low while holding over support. Breaking back into price territory of wave 1 would be a problem. Certainly into wave i territory is an obvious problem...
nick.holland78
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Nice reaction off the top of my support box. Right back to resistance (again). Let's see if price can push through this time. I can better refine targets for this moves after (i)-(ii) proves complete. Looks like perhaps only 3-waves up so far, so not out of the woods quite yet.
nick.holland78
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Blood in the streets!
Right to the target...positive divergences still https://holding.https://www.tradingview.com/x/PaxGpcaE/
nick.holland78
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Well, that was fast. Let's see if this positive divergence on MACD and RSI can hold.
nick.holland78
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Think I mentioned the potential for a deep retrace off what looked like a Leading Diagonal into the early August high. Corrective waves can take many forms - often difficult to predict. Here's one way this could resolve.