Key for me is the corrective nature of all the price action since the August 2012 low. This chip chop shop we are in makes perfect sense as a red 'b' wave in that correction and if the path waves move as marked, it is going to get volatile. Firstly, the gold 'b' wave is marked out as expanded flat (clearer in monthly chart) and is likely to cross the yearly trend line to the upside in 'c' of gold 'b' before falling in gold 'c' of red 'b', pushing back through the yearly trend line again. Oh what fun.
On the way up to 'c' of gold 'b', not only will we be breaking the yearly trend line, but shortly, the monthly trend line too. There are plenty of pips for now to the upside but trains hitting walls comes to mind in due course!
The weekly trend is now up and away but the pyrapoint/gann lines are all quite congested with this being a 'b' wave overall, so chop is the order of the day with lots of spikes, me thinks. Keep any eye on which pyrapoint line the price action stays above. If we get an 'abc' into that line without it breaking or if it does break, it needs to be retested to the upside before looking to the intraday chart. I think we are going into a 'c' wave down here to 0.9133 before moving up again.
Following the intraday waves is tough when the price action keeps dropping into the daily trend cloud but you just have to wait for the gann line on the weekly chart to hold and then see if you can count an abc' before trusting an intraday wave that starts climbing. For now, not a lot to do here but watch Sunday/Monday.
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