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After watching GOLD decline throughout the day,
I am beginning to wonder if wave ‘ii’ brown is actually complete at todays lows?
The wave count called for a large decline dead ahead, and so it came!
Cable declined in a very impulsive fashion today.
The price was down 300 points into today’s low.
But my real thought of the day comes in terms of the alternative wave count shown circled in red.
This wave count indicates that the price structure may be more advanced than previously thought.
This is a setup very similar to early April which yielded a 600 point rally!
We are on the verge of a big move here if the wave count proves correct.
Every day I try to approach the markets with a fresh pair of eyes as it were.
So, one day I take a view on the price action,
and then come back the next day to judge and criticize my own assumptions and biases.
The DOW reaches new all time high!
SO we should all celebrate that stocks are more expensive than ever before.
I hate expensive things!
GOLD fell today in a three wave form, which points to a corrective decline.
The bullish picture is intact so far and wave ‘3’ is likely to push prices higher.
The alternate wave count is shown circled in red,
That wave count allows for another rise to complete wave ‘v’ pink.
And the invalidation point for the alternate count is at 1.1368.
Either way, the price must decline soon.
The alternate wave count shown circled in red shows the possibility of a larger wave ‘ii’ brown.
The action within the rising trend channel is so far in three waves,
Which could still be a ‘b’ wave.
So the price must turn up soon to validate the current bullish labeling.
The DOW is now moving in a corrective pattern, possibly in wave ‘ii’ pink.
I have labelled the short term chart as a complete wave ‘a’ and ‘b’ in blue.
That leaves wave ‘c’ blue to the downside to finish off wave ‘ii’ pink.