Gold at Rolls Over
240 Minute Bars
Prepared by Jamie Saettele
To review, “decline from 1425.40 is in 5 waves, indicating that the larger trend is most likely down. Price has reached the 50% retracement of the impulsive decline, with the 61.8% at 1380.82 serving as additional resistance if needed. Expectations are for the corrective advance to terminate.” More evidence is needed before we can proclaim that a secondary top is in place but this is a good start. The clear substructure of the corrective advance also inspires confidence in the idea that this turn is the real deal.
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