Impulse wave c of a larger degree wave B which is playing out as an abc zig zag appears to be under way and should take gold to above the wave a high on this chart. Risk/reward ratio of at least 8.
Komen
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This abc formation can also be labelled as a wxy the trade is still the same. If the proposed wave upwards is a "y" wave rather than a "c" wave it's form would
Komen
⋅
This abc formation can also be labelled as a wxy the trade is still the same. If the proposed wave upwards is a "y" wave rather than a "c" wave it's form would be a combination wave rather than an impulse wave in Elliott wave classification. It should still carry to above the peak labelled a on this chart. It is also possible that gold will make one more low before the wave up starts as the price actin in the red zone on the chart could be read as a flat.