5 wave structure
I still hold on to the belief that the price movement of gold since its peak at Aug 2020 is a wave C, a 5 wave structure. But contrary to the popular belief that wave 1, 3 and 5 needs to be 5wave structure, there are literatures in the open that claims they can also be a 3 wave structure.
Wave 1, as depicted in the chart, is a three wave (abc) structure with wave c is an expanding diagonal.
Wave 2 is a flat, with wave b as a contracting triangle.
Wave a of wave 3 has a 5 wave count. I would label wave b as a WXY structure. In this case, a double flat structure, Wave W is a expanding flat, and Wave Y is a flat with a truncated wave 'c'
Wave c of wave 3 should target in the region of 1450. That's all for now
Wave 1, as depicted in the chart, is a three wave (abc) structure with wave c is an expanding diagonal.
Wave 2 is a flat, with wave b as a contracting triangle.
Wave a of wave 3 has a 5 wave count. I would label wave b as a WXY structure. In this case, a double flat structure, Wave W is a expanding flat, and Wave Y is a flat with a truncated wave 'c'
Wave c of wave 3 should target in the region of 1450. That's all for now
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