Gold C Wave Commences
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Continued failure to hold gains has me contemplating a final washout. In fact, action since April 1st, may compose a B wave triangle within an A-B-C decline from 1392. Under this interpretation, gold would drop below the April low in wave C before finding a major low. 1236 is a major level of interest.”
-The B wave interpretation proved correct today (5/27). The drop to a new low does satisfy minimum expectations for wave C but stronger support is seen at 1260 (Fiboncci) and 1236 (first week of year close).
LEVELS: 1236 1252 1260 | 1277 1283 1295
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