Greetings!, As we begin the week, we see gold, although trading well above its lows, currently trading off a little over $5 on the day. The key to gold's performance lately can be pinned to the U.S. dollar. When paired against the euro we have seen the US dollar trade to a two-month high while the euro was trading to a two-month low before finally rebounding this morning. Today's video will look in detail at the composition of a triangle correction and the alternating wave count that should be contained within it. That being said this wave should be composed of a three count. After completing our last corrective wave down in this triangle, which was composed of five sub waves, we look for this wave to be composed of only three. It seems as though we have entered the second of three waves, and once completed we should have one final wave up to the top of the resistance area of the triangle. As always, wishing you good trading, Executive Producer |
