Long term point of view on gold. Since August the 3rd of 2020 gold began to move counter against the trend making lower lows and lower highs. It looks like price was taking it`s breath for 11 months before making another potential huge move to the upside. We compare this with the following example, imagine you make a sprint, you can`t sprint at your 100% for ever, at some point you will have to take your breath, same rule applies in the market, price can`t keep pushing up forever at some point the market has to take it`s breath (relief) before making another move to the upside.
Why do I still expect this move to happen? Simple just count the legs on the higher time frames, we are still making higher highs and higher lows, we never broke the last higher low (1674)
Why do I still expect this move to happen? Simple just count the legs on the higher time frames, we are still making higher highs and higher lows, we never broke the last higher low (1674)