Saturday, January 26, 2013
Xau/Usd : Still in a downtrend
In the previous xau/usd ( or Gold ) post, price was at the high of the channel. Since then price has come down nicely, but has done so in 3 waves which is corrective. This means that price is most likely in a wave Y, the third leg in a double three combination. The 3 waves down from the wave X top are finished and price had a small rally which is also corrective. It is possible that this countertrend rally is allready finished, since we are in a strong downtrend, but it could transform into a bigger corrective pattern ( watch the alternative on the chart ).