So I guess the direction should go up as your blue arrow indicated ?
lincolnborgesrp
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If you believe in the Elliott Wave theory, so yes, the price follow this system, Impulse -> Correction -> Impulse -> Correction ............ and then change the direction doing the same thing.
Gold did a impulse, then a FLAT correction wave and a Impulse. Now he is in a correction wave again and in a few weeks can happen another impulse.
Of course this is what i analyse, trade with care.