XAU.USD heading towards $ 1411 $ Gold correction to continue ?

Part of my ongoing analysis (see pinned ideas on chart or links below).

All signs still point to a complex correction that is entering its final phase.
There was a relief rally based on US econ news, but later erased by same.
Thus we can expect the local trend to continue, and EW says it needs to.

I am a long term Bull, but realize that a proper correction is necessary.
While it is possible that correction is over, I have not seen such signs yet.
We should be entering the last leg down, and it could be a violent swing.

$ 1411/10 has a cluster of important Fibs that will act as a magnet.
$ 1450/45 has held but is highly likely to break upon next approach.
$ 1430/29 should give a relief bounce at least, but unlikely to reverse.


Previous Gold Analysis (click):
$1650 then $2100?<= Still Plausible
$1484 Fade Call
$1430 Targetted
Exact Map of Top
$1516 Top Call
$1498 top call
$1480 short TP
$1515 top call<= Awesome Short
$1555 top call<= Just in Time
$1406 to $1525<= Caught the Jump
$1439 top call<= To the Penny
$1332 bounce
$1270 bounce<= To the Penny
$1280 break
$1380 call <= 9 mos ago

Of course, I have had total FAILS on some ideas too, not going to pretend.
But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.

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Komentar:

1st Update since Post

Looks at the bounce on 1H chart with Purple Fib added:

pretty good observance of the Fib ratios of bounce.
The purple -.236 extension is in confluence with a higher tf fib (red).
It has pierced that twice now, so it is showing some strength.
In a few hours is FOMC news, not much is expected but I think gold will hover until then...

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Komentar:

1st update part B

If we extend the Blue fib from left (of last bounce)

we see the tight cluster of fibs (yellow circle) that had me post that as a support zone.

Zoom IN on that cluster in yellow circle

shows each line being tested and reacting.
Such clusters take a while to either bounce from, or to navigate through.
Like a cluster of energy bands or rings, touching one effects the neighbors as well.

In summary:
The bounce looks stronger than a "Dead Cat".
FOMC news coming in a few hours, expecting a move then.

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Komentar:

Retrace FAIL.

So much for my original plot, just blasted through the resistance

BUT, being a Bull in general, its all good, just didnt get a chance to really load up on a dip.

I have been looking for $1650 from 1450, on the way to $2100

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