Gold: Follow up of the Short Term EWP

By: TheWaveTrading | Thu, Aug 23, 2012
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Recall that my long-term scenario (from the August 2011 top) calls for a Triple Zig Zag hence price is now involved in getting over with the wave (B) of the third Zig Zag.

This is a brief follow up of the short term EWP (from the May 16 low), which is related to the wave (B), that I posted on August 2.

I made the case that price is unfolding a Double Zig Zag

Well price is now reaching the expected target for the final wave (c) of (Y) located in the range 1678 - 1689

GOLD: The Double ZZ Wave Chart
Larger Image

We know need a daily reversal bar in order to consider accomplished the EWP

Keep in mind that a Top of the corrective EWP of Gold should coincide with a Top or "Risk Trades" hence Oil - Equity and the EUR are expected to reverse to the down side while the USD should do the opposite

 


 

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Author: TheWaveTrading

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