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2. Gold Daily

A daily look at gold shows a more detailed picture of a suspected fourth wave triangle. We can see clear three-wave moves in opposite directions, each one shorter than the previous one.  This is strongly suggestive of a triangle.  Knowing that within impulses triangles can only appear in the fourth wave position gives us additional confidence in our outlook from the weekly charts.


If we are seeing a triangle then we may have just completed wave D as shown.  Alternatively, wave D could still be in progress and these are discussed on 4 hour charts.  Either way, what we really want to identify is when wave E ends so we can prepare for a thrust down which could be sharp before we see a tradeable bottom in gold, even if it is only for a corrective bounce.  Patience may be the best call here as we wait to see whether a wave D decline is ongoing or a wave E bounce is already in progress.

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