The short-term bullish alternative in a corrective view :
Gold may thrust in the micro degree wave C, from a triangle as wave B of the same degree.
The outlook is bullish in short term against the 1187.4, where is extreme point of wave (C) of triangle. The immediate target is 1202, where the wave C(circled) equals 0.618 times the length of wave A(circled).
Note : The extreme point of wave (C) at 1187.4, 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.
Immediate bearish alternative : Wave ii in an ABC zigzag has been completed and wave iii begun its way down.