bearish bias; elliot wave count on gold
tricky level from a conditional perspective, because this implies a w5 lower(bearish); however, since we've only seen 3-waves, it could be the bottom as well as an a-b-c, but because of the nature of it in its present state this becomes less probable because:
take note that the 3/C wave extended beyond 1.618 of the first move down, the "dead cat bounce" characteristics are much like a wave 4 because:
1) the retrace was within 14-38.2% of the impulse
2) it is most commonly the longest wave cycle in time
3) triangle-like formations
currently have no position, but this would provide a high probability buy setup if it does develop into wave 5 as we would expect some sort of correction to the upside between 38.2% and 61.8% of the entire 5-wave cycle
take note that the 3/C wave extended beyond 1.618 of the first move down, the "dead cat bounce" characteristics are much like a wave 4 because:
1) the retrace was within 14-38.2% of the impulse
2) it is most commonly the longest wave cycle in time
3) triangle-like formations
currently have no position, but this would provide a high probability buy setup if it does develop into wave 5 as we would expect some sort of correction to the upside between 38.2% and 61.8% of the entire 5-wave cycle
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