GC - it topped in wave (iii) up without expected final push higher

Off the August 2018 low gold has been following the five wave up fractal. In the previous update posted 25 Feb 2019 I noted that gold has hit an important 223.6% extension of the wave (a) of (i) up typical for the top of the wave ( c ) of ( iii ). However I said that another push higher would make the top of (iii) looks perfect. Unfortunately, Gold decided that it was good enough for the top of the wave  (iii) up.

The next high probability trade may be a corrective looking decline into 1,286 – 1,282 – 1,273. That would be a corrective wave (iv) down. Of that low of the wave ( iv ) down we should expect a rally in wave (a) of (v) that may target 1,326 – 1,333.

GC - 120 min chart updated on 1 March 2019

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