Updating the wave count on the ongoing fourth wave :
Currently, it appears that Gold on the running triangle as wave (iv), could has completed a three waves as wave e . However, wave e may be developed in a more complex formation.
Note : ” Triangles take time and go sideways. Gives Triangles time to develop.”
Wave e can undershoot the A-C connecting line. The 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 : 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.”