Gold

“A zigzag, on occasion, will cut deeply and move into the area of the second wave of lesser degree, although this almost exclusively occurs when the zigzag is itself a second wave. Double bottoms are sometimes formed in this manner.”

Based on the description, the rise of low on 1132 through high in 1309, could be second wave of wave (5) likely in progress, and so third-wave decline ahead.

Description of the possible wave 2 :

The beautiful leading diagonal wave a(circled), conceptually could suggest an extended impulsive-formation as the wave c(circled), in order to approach to an asymmetrical form on the overall corrective sequence as wave 2 .

Currently, the ongoing leading diagonal as the first subsequent of decline ahead, conceptually would infer that gold has probably completed the corrective wave 2 at the terminus point of 1309, while it’s likely turning down in a persistent trend.

Gold - daily

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