Gold is a falling wedge, not 5 clean waves down. It threw under the lower rail and is now back into the channel but if wedges are 3rds then this move up, which happens to be stalling right at the gap fill of GLD should be a warning. Note that there is a triangle in there between 3 and 4. As in a-b-c.
I smell a trap where others might smell breakout. If I see 5 waves up in gold then I will change my tune but right now it looks to be a-b-c into 4 with resistance center channel after throwing under to 3. I just put in a 2% trailing stop sell on my JNUG.
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