Hello Sive
I will make it fast , we have achieved 2048 target upper diagonal resistance, but still there is no rejection to confirm pattern, however, we can still achieve 2056 target as we trade in the upper range, small squeeze maybe to 2056 1.618 target
however, I am currently consider two scenarios
1- more bullish were we can achieve 2056 and potentially higher since am monitoring all metals performance , with dollar weakness and stopping rate hike or some other fundamental geopolitics metals can start bull mania , palladium already broke diagonal and looks bullish to me , will wait weekly close to confirm uptrend , take a look at platinum and copper , you will see what am seeing , okay back to bullish scenario , tomorrow is Friday weekly close , weekly candle will give a hint ,, in case of bullish scenario , then wave 3 ends with wave 5 ending diagonal that can retrace 1980 1947 support levels or wave 4 growth level and then establish uptrend with wave 5
2- bearish scenario, wave 5 of 5 ends ends with ending diagonal that should break below 1943 1917 zone , then will see patterns and observe, but for this to happen i need to see all metals especially silver with bearish momentum and other metals.
I have attached silver weekly count, we achieved 1.272 target @ 25.90 and major resistance , perhaps minor correction then break higher. Silver RSI weekly still has room for more momentum and silver should outperform gold. I have attached a nice chart for silver how it performs during recession v.s SNP from elements website.
Tomorrow I will watch market and update by weekend. Note if gold rallies to 2055+/- target during Asia session and make a strong pullback , then I think we have topped and during news tomorrow will make deeper correction , i prefer rallies during us session news to hold gains or close at highs .. because tomorrow closing should 75% a hint
happy hunting, good luck
