IndiaCharts

IndiaCharts: Gold moved higher into wave v of c based on the wave count noted yesterday. IF true we should not go much above the top line at 1357-1360. However alternately the move up can also be a 5 wave advance as shown below. After 3 waves prices fell in a triangle on weekly charts and if we mark wave 4 at the 1268 low as shown then wave 5 is a 5 wave rise. Then after 5 waves up is complete all we will get is a retracement of this move and not a lower low. On the other hand if wave 5 extends then we get a breakout above 1360 and a larger move up. Volumes need to watched, and if the breakout is driven by volumes then it would be a strong bullish sign.