Gold - Ending Diagonal

 

What is an Ending Diagonal?

  • A diagonal always subdivides into five waves.
  • An ending diagonal always appears as wave 5 of an impulse or wave C of a zigzag or flat.
  • In the contracting variety, wave 4 is always shorter than wave 2, and wave 5 is always shorter than wave 3.

What is going on with Gold?

In the short term, I expect Gold to rise above the trend line in a five-wave move up. In my experience, the fifth wave of an Ending Diagonal acts as a normal Wave 5 meaning a motive wave. A rise above 2641 will cancel this pattern out. The Fibonacci area between .618 and .786 would be around $2249 and $2422.

This chart shows all the signs and hidden secrets of an Ending Diagonal. We not going to over talk this. We are going to come back to this either way.