Potential Bullish Shark Completion; Sees 5-0 @ 1289.86 | $XAU

Friends,

A potential Bullish Shark completion occurred at the current price level (circa 1240.40), with a possible 50% retracement to complete a 5-0.

I have left out the Shark's Zero-X-A-B-C reference points, pointing to 50% of last swing low to define the 5-0 pattern possible completion circa 1289.86 level.

Also left in the chart is the XAB triangle at the root of both patterns.

I have removed the recent Wolfe Waves ("WW") outline for simplicity reason, especially as this pattern because too tortuous to define. However, WW pattern traders will find it without too much difficulty, realizing that it completed a 5' ("five prime") validation right at the Shark's Point-C level as well.


OVERALL:

Above patterns favor reversal to the upside. While Gold's luster has been tarnished by persistent bearish pressure over time, the current technical-based rally may represent a respite rather than a reversal - Sort of a "Relief rally" of limited upside for the time being.

Here is a forecast posted a few months back ... Still valid per predictive/forecasting model

Cheers,


David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA

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Twitter: @4xForecaster
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