GOLD (XAUUSD): Wave Analysis & Cycles. What You May Miss:
Since 2018 Gold is trading in a sharp bullish trend .
For the last two years period, we see almost 80% net growth.
Of course, it wasn't just a single move without corrections.
What I have noticed analyzing a weekly chart, is that market makers on gold prefer kind of "harmonic" correction cycles.
The last two bullish waves were initiated after a 15% price correction.
And you know what:
27th's November this year's low gives us a 15% price correction.
And what do we see afterward? Relatively strong bullish move on a daily with multiple breakouts of resistances.
It looks like it may lead to a major weekly wave initiation.
So our long term bias is bullish .
What do you think about this correction pattern?
Is it a valid observation?
Please, support this idea with like! Thank you!