Gold Daily Analysis

General Overview for 26/01/2014:
There are two possible
scenarios here and the difference is in shape of the corrective wave: it
can be either a ABCDE triangle wave 4 black OR an ABC Irregular Flat
Wave 4 black. When the correction is completed, one more low is being
expected to complete the overall higher time frame cycle degree.
On
lower time frames, the main count is in favour of a triangle count and
this is th main count now. The alternate count is a 1-2,
(i)-(ii),(1)-(2) impulsive scenario for wave C of th Irregular Flat.

Support/Resistance:
1311 – 1321 – Target level for wave Y.
1352 – Supply Zone
1231 – Invalidation line for purple impulsive count.

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