This simply illustrates two points:
(1) How Pt 4, if identified beforehand, can be quickly profitable. It goes straight up and very quickly
(2) Note that it returned to our SNR or supply & demand zone with a 0.786 retracement along with two wicks being formed on the 4 hour bars.
Conclusion: Our SNR zone held and we can expect gold, now to go well below $1450 to $1446 using a Fib extension tool as the wave down does not have time to reach our black Target line and will probably go to 1.618 target at $1446.
(1) How Pt 4, if identified beforehand, can be quickly profitable. It goes straight up and very quickly
(2) Note that it returned to our SNR or supply & demand zone with a 0.786 retracement along with two wicks being formed on the 4 hour bars.
Conclusion: Our SNR zone held and we can expect gold, now to go well below $1450 to $1446 using a Fib extension tool as the wave down does not have time to reach our black Target line and will probably go to 1.618 target at $1446.