Dec 18 Precious Metals: Key Wave Counts Now captainewave 321gold :
A sharp break higher above our red downtrend line that is the shown on the daily chart is what we need to start a positive move for the bulls!
Wave *iv* is still underway, and it looks like our second wave $b$ ended at 1491.40.
The reason being is that the rally from 1446.20 to 1491.60 does not appear to be impulsive looking.
Unfortunately, if this updated corrective count is correct… then gold is now heading at least back to the 1446.00 low, in our second wave $c$, before all of wave *iv* ends.
It might also be possible that wave *iii* is extending and in this case, wave !i! of *iii* ended at 1566.20 and we are still falling in wave ^ii^, which has the following retracement levels:
50% = 1416.80;
61.8% = 1381.50.
In any case, a drop back to the 1446.00 level is still likely.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
Geduld und ein frohes Fest.
Grüße
