IM STILL BULLISH ON GOLD , DESPITE I STRONGLY BELIEVE GOLD NEEDS A CORRECTION, MY BULLISHNESS OUTLOOK WILL REMAIN AS FAR AS GOLD HIGHER 1766$, AND I CONSIDER THE BEARISH RUN FROM ALL TIME HIGH AS MINOR WAVE FOUR, AS SHOWN ON CHART 2
BUT IN FACT IM LEANING TO CONSIDER THE MASSIVE DECLINE WHICH HAS BEEN TAKING PLACE IS FIVE WAVES DOWN SEQUENCE, THERE ARE SOME CHARACTERISTICS OF IMPLUSIVE WAVE FAVOR THIS POSSIBILITY LIKE ACCELERATED FREE FALL PRICES AND I DO THINK THE COLLAPSE FROM 2049$ TO 1864$ IS A THIRD WAVE NOT C WAVE , BECAUSE THE THIRD WAVE‘S CHARACTERISTICS ARE VERY CLEAR LIKE HEAVY VOLUME , MOMENTUM, SHARP MOVE , LONG BARS, FINALLY TO CONFIRM THIS VIEW, I WANNA TO SEE A NEW LOW BELOW 1864 TO COUNT FIVE WAVES
ON CHART 1, REGARDLESS OF THE UPSIDE WAVE WHICH TAKEN GOLD TO THE NEW ALL TIME HIGH AND WHAT IS ITS NAME, THE EXTENDED FIFTH WAVE COUPLED WITH DECLINE IN FIVE WAVES SUGGEST, CORRECTION WILL REACH MAXIMUM RETRACEMENT, I MENTIONED IN YESTERDAY‘S ANALYSIS ABOUT THE EXPECTED LEVELS THAT GOLD COULD REACH IT ACCORDING TO EACH POSSIBILITY
A SIDE NOTE:- THE WAVE FROM 1450 LOW TO ALL TIME HIGH , I DO THINK THE COUNT ON GRAPH 1 IS THE MOST CORRECT ,BECAUSE WAVE 2 IN GRAPH 2(GRAY) RELATIVELY SHORT , ONLY RETRACED 23.6%, THIS RETRACEMENT ADEQUATE TO WAVE FOUR CORRECTION, PRECISELY TRIANGLES
