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 is probably 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 the latest subwave of its wave e . Wave e can undershoot the A-C connecting line. A common fibonacci target for the wave e could be around the 1215, where establish a ratio of 0.618 with the preceding same-direction subwave(wave c).
Note : for now, extreme of the wave c at 1223 could be considered as a “Red line” on this pattern. Because, wave E of a triangle pattern never moves beyond the end of wave C.
Running Triangle :
“It is extremely common for wave B of a contracting triangle to exceed the start of wave A in what may be termed a running triangle.”
“Despite their sideways appearance, all triangles, including running triangles, effect a net retracement of the preceding wave at wave E’s end.”