We have traced wave ABC and and it gives us targets N=1752 V=1684 E=1796 NT=1708. We have just breached B heading upwards so they are currently in play
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We have just hit our V target. Based on price structure and action, I would expect hitting NT and then N to be likely.
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A smaller subsequent wave has formed, and it would do us well do look into what its structure might mean for future price action. We have wave CDE, price has broke up past D, so its targets are in play. N=1743 V=1709 E=1777 NT=1709 The targets for this wave are unlabeled, but shown in yellow. The labeled targets in green and red are from the wave ABC.
These targets should be looked at in conjunction with the targets from wave ABC. I have drawn circles in light blue that are meant to represent general resistance zones we can expect to deal with as the price climbs upwards.
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The price has passed V and has hit our NT target. We watch for further price structure development.
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Here is an update of the chart with wave CDE's targets still there.
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Here is another update with wave CDE's targets still in view.
The price has hit ABC's N target.
Waves C through I make up a bullish P wave, which most usually break up as this one has. A more common name for this is a "pennant" and it promises a rise to N which we have seen, and suggests we should expect more upwards movement to come. Wave CDE's E value at 1777 is almost certainly on its way, and ABC's E value at 1796 is likely to be hit as well. Continue watching price action
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Here is another update. It appears as though gold will hit our most ambitious target for wave ABC which is E=1796
If gold surpasses this price with conviction then I would guess that it would then generally continue to make N waves climbing upwards towards its ATH of 1921 which was hit back in 2011. See my long term post regarding gold here:
トレード終了: 利益確定目標に到達
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Our most ambitious target, E at 1796 has been hit. Grats