Hi there all!
Over the last while I have been searching for the final low in this long wave [ii] correction in Gold.
Two weeks ago I published the chart below as part of the nightly analysis.
It shows a bullish setup for Gold, and called for a rally to begin imminently in wave (i) to put an end to the endless correction.
The price stood at 1287 on May 30th.
In that nights update I said :
Things are beginning to look a little more positive in gold.
If this rally continues tomorrow then a trend change in wave 'i' is a real possibility.
Watch for wave 'i' to push towards 1300 again.
Here is what happened since I published that bullish chart:
Wave 'iii' up has not disappointed so far!
Gold rallied into a high at 1348 last Friday!
Thats a $61.00 rally in Gold over a few trading days.
And going by the current wave count,
this rally should only be the beginning of a much larger trend change.
Check out the latest charts from tonights update to see what I am looking for next.
After a sharp move lower off the wave 'b' high,
GOLD has reached the the initial target area for wave 'c' and wave 'iv' with a slight break of the previous wave 'a' low at 1326.
The next support lies at 1319,
which is the previous fourth wave at one lower degree.
So we are again in an area of support which should form a short term low in wave 'iv'.
Ideally this will lead to a rally in wave 'v' of (i) to complete five waves up off the recent extreme low at 1266.
This $80 rally has been on the cards for a while,
and should only be the beginning of the next leg up in the larger wave count on the 4hr chart.
But first we have to complete a five waves higher off the lows,
and then a three wave correction to a bullish higher low in wave (ii) as shown.
That price action will create yet another bullish opportunity for GOLD.
Watch for wave 'iv' to complete nearby.
A spike higher higher off 1319 will signal that wave 'v' has begun.
A break of 1348 will confirm it.