GOLD recovered nicely in the last
two weeks which has been expected because of completed five wave decline in
black wave 3. So if our count is correct, then current pull-back is corrective
wave 4, part of a larger incomplete decline in wave 5) of C. Notice that now we
can already count three legs up from the lows which means that market could
turn bearish very soon, ideally from around 1300-1310 resistance area. However,
only price can confirm a downtrend; which means minor impulse down back to
1200. In such case we will look for a decline in 5th wave towards 1100 level or
even lower. For now critical region stands at 1336 because wave 4 must not
trade into a territory of a wave one.
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