Good morning All!
I would like to share with you my view on Gold vs EUR wave relationship, mainly, what going to happen in Gold and what kind of up- and down-swings might happen in EUR at the same time. EUR is a major part of DXY, so when EUR is down, USD is up, Gold is down and the opposite. (for as long as this correlation holds!)
Gold is in its Wave 5 ending diagonal of A corrective wave. It has completed wave 4 and also completed wave A in 5. There seems to be insufficient energy to go straight to C, so a flat correction scenario might be possible, and if it happens it will be aligned to EUR - no wave 5 down yet, but it will happen, later.
In Gold, I think we are still in (B) wave of (C), going down in a zigag, and will complete the (B) wave by an upswing impulse, delivering a flat correction. Then the final closing C wave of 5 of the ending diagonal will follow, and then a major upswing both in Gold and EUR are supposed to happen, which for Gold will drive us out of the ending diagonal and at the same time a lot of weakness should appear in the Dollar which will drive EUR up.
I would like to share with you my view on Gold vs EUR wave relationship, mainly, what going to happen in Gold and what kind of up- and down-swings might happen in EUR at the same time. EUR is a major part of DXY, so when EUR is down, USD is up, Gold is down and the opposite. (for as long as this correlation holds!)
Gold is in its Wave 5 ending diagonal of A corrective wave. It has completed wave 4 and also completed wave A in 5. There seems to be insufficient energy to go straight to C, so a flat correction scenario might be possible, and if it happens it will be aligned to EUR - no wave 5 down yet, but it will happen, later.
In Gold, I think we are still in (B) wave of (C), going down in a zigag, and will complete the (B) wave by an upswing impulse, delivering a flat correction. Then the final closing C wave of 5 of the ending diagonal will follow, and then a major upswing both in Gold and EUR are supposed to happen, which for Gold will drive us out of the ending diagonal and at the same time a lot of weakness should appear in the Dollar which will drive EUR up.
