Hello traders!
Gold made a five-wave recovery from the 1340 level, where a former complex correction had found a base. This five-wave recovery was part of a higher degree wave 5 of III, which looks to have found a temporary top at the 1439 level. Latest drop from the highs can be labelled as sub-wave A of a higher degree wave IV, that can look for support near the 1390/1382 area, from where wave B correction may follow.
Another evidence that wave III had ended its recovery, is a drop below the lower Elliott wave channel line, which is connected from the 1339 level.
The whole corrective structure can in upcoming sessions look for support near the 1375 or near 1340 region, if a deeper pullback starts to form.
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