Up on your left, we have the maximum peak in the US dollar, which I am calling a "C" wave top in Intermediated degree for now. As the US dollar started to decline that the patterns it produced started to overlap and are very choppy. Longer term this is not a good omen as the US dollar could see some massive counter rallies that will surprise the gold bull market.
Sure we will see safe-haven buying as fear spreads for any multiple amount of reasons, but in the end, we need the US dollar to trend down to keep the gold bull market alive.
With this sharp rally it is time for the US dollar to show us if there is more downside to go as even choppy declines can have a very long shelf live. Overall, it is not a nice and pretty impulse decline, but it fits better in the diagonal family of patterns.
I showed my parallel lines, and they should have no problem in getting pierced. If a correction like pattern develops in the way down, then yes, all bearish bets are off the table instantly.
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