According to the bearish outlook :

After the last peak as the extreme of wave 2 at 1309, Gold at first completed a leading expanding diagonal as wave (i), as a bearish concept at terminus point of 1252 , then a corrective wave (ii), then an extended wave (iii), and then ongoing wave (iv) which probably is completing.

Note : In my view, a leading diagonal, as a conceptual initial-subsequent, primarily would infer to extend the following waves.

Updating the wave count on the ongoing fourth wave :

Currently, it appears that Gold on the corrective wave (iv), in a “Running Triangle” formation, is likely completing its latest wave (wave e).

Note : ” Triangles take time and go sideways. Subwave C is typically a complex wave. Gives Triangles time to develop.”

Running Triangle :

“About the 60 percent of the time, wave B of a contracting triangle dose not end beyond the start of wave A. When it does, the triangle is called a running triangle.”

Gold - Intraday 360-1

Gold - Intraday 240-1


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