GOLD (XAUUSD): Riding Giants (updated idea for the 3rd wave)
This is an update of my old ideas from August 2020 (links are below). According with this EW count, 1930-1938 (1945 might be the max extension) would be the potential 2nd wave completion area and consequently a big short for the 3rd big potential wave down. The target for this 3rd wave would be around at 1740
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I think that the 2nd wave (the up move), in not done yet and we are not in the 3rd right now. The main idea would be that we are in a big corretive move (a giant ABC), now the challenge is to understand how will it developes this correction and this might be an idea:
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So, the main idea is still valid: we are not done yet with the up move, but now the target could be more higher than the initial 1930-1938 and the 1945 might be the minimum right now for the C, with a max to 1970 - 70 area.
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typo: with a max to 1960-70 area*
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ok, the last forecast for the correction was wrong. What we can expect now might be like this, hoping that the B leg is not a 2nd wave for a series of 5 up because in that case we could see another bull rally:
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The 5-3-5 ABC correction (2nd wave) might be done (finally). 3rd has started? If yes, we are in the 1st of 3rd. This could be a forecast:
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we was expecting 1945 at least, but the first prediction at 1932 looks is working out (need of confirmation with this series of 5)
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looks like that we dont have any confirmation yet :( we are again in correction mode. That 4th wave is not happened.
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this is the current outlook:
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again the current oulook at 4hr:
looks like we are in a rising channel, inside corrective waves again.
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the possibile inner counts of the correction in wich we are:
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