The market did not move much because of Thanksgiving day yesterday, but even today we may experience slow price action because of Black Friday. That said, it may be a perfect time for a new bounce or at least sideways price action on stocks if we consider possible completed five waves of decline from 2746 on E-mini S&P500. There is also a small wedge that suggests rally as well in three waves.
E-mini S&P500 1h
As stocks may see some support, that’s when gold may be headed for a new deeper pullback, so we are looking at an adjusted wave count, currently with price turning south for wave c) of a wave two irregular correction. Interesting support for a bounce is at 1217 followed by 1210 area which can be potential support for a bounce next week.
GOLD 1h
