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GOLD – Local bullish wave begun- February 15th, 2021

A double zigzag in a position of wave ((a)) or ((w)) has been finished. There’s an upward zigzag, which is likely wave (w). The following wave (x) is over in the form of a zigzag. The price hasn’t fixated below the 0.786 retracement. In this case, the market should begin unfolding wave (y), so the high of wave (w) is going go be broken in the short term.

Broadly, a large third-wave rally is over, so a fourth-wave correction is taking place. In this case, we should keep an eye on the 0.382 retracement level of wave 3 (1725.70) as a potential target for wave 4. If a pullback from this level happens next, there’ll be a moment for wave 5 of (C) to begin.

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