- Gold seems to have completed a thrust from a triangle (triangles are supposed to precede last leg of a move according to EWP - Prechter). The thrust is composed of 5 waves (marked on the chart).
- ROC is forming a HnS, but havent yet given a BD from NL.
- Also the top line of the triangle may offer some support to this fall.
- But the decider is the wave [1] start (marked by red line), if it is violated, then we can safely conclude that prices have put in an intermediate term top.
- A big up trending channel can be seen, and we are still inside it.
- But a significant TL (almost an year old) has been violated, that will take its toll on prices.
- We may test the lower boundary if the TL, if we take out the supports shown on the daily chart above, for starters.
- Whether this break turns out to be a bear market or just another dip to jump on the train, in time we will know!
- Right now the picture does not look too good for the bulls.
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