GOLD - update on Wave X of current W-X-Y correction
UPDATE: the green channel represents what I believe is the C wave that I project will complete wave X in GOLD after breaching the $1,535 level (previous high on September 24). I anticipate that this level will be marginally breached early next week but will fail to hold, causing GOLD to nose dive to the $1,400 level by mid-November in an A-B-C move. In total, this will be an W-X-Y correction.
Note that I have projected that Wave 4 will overlap Wave 1 (likely on Friday) before attacking the $1,535 level. That's because wave 1 to me looks more like a 3-wave move, rather than 5 impulse waves.
I do believe that the $1,400 level will hold and we will see GOLD push to new recovery highs in early 2020.
Comments appreciated.
Benji Miller
Note that I have projected that Wave 4 will overlap Wave 1 (likely on Friday) before attacking the $1,535 level. That's because wave 1 to me looks more like a 3-wave move, rather than 5 impulse waves.
I do believe that the $1,400 level will hold and we will see GOLD push to new recovery highs in early 2020.
Comments appreciated.
Benji Miller