WARNING - This is a follow up of previous work. As a precaution, the first rule of trading is don't lose money. As a reminder, the second rule of trading is don't forget the first rule. As usual, this is meant to supplement - not replace - your trading discipline and risk management. As always, when price moves against forecasts and the next one is not posted, SCRAP THE FORECAST and trade defensively.
HEADER - This is the 15-min bar 5-day generic forecast for overall direction and shape of spot gold price. I stated in notes of #3-5 today that price action indicated blue route needed to be expanded to include an "irregular quad top" pattern (the quintuple top is can actually be a considered a VERY IRREGULAR quad top). The difference between this expanded blue bull route is that it has defined limits, as opposed to undefined limits for #3-5. That is simply saying if bulls push for a third top, they will also do a fourth and maybe a fifth time. All of them (contained in illustrated channel) SHOULD fail by Friday, November 17.
SUMMARY - Oranges and light blue is from #3-5. Darker blue is current bull route. Gray is mirror extrapolation of light orange. Our experience with mirrors demand that we mark it there. The "X" makes the two trend lines that will decide the fate of tomorrow's NFP at 8:30 AM ET. At this stage of price action, above the "x" blue route is favored and vice versa.
FRAME OF REFERENCE - Links for 5 of most recent posts are below here. I recommend that you replay them (especially if you are new to us) occasionally as frame of reference and most importantly, as the ground of our conviction.