GOLD (GC1!) ELLIOTT WAVE ANALYSIS - TRIANGLE PATTERN
CHARTS OF THE DAY
©Master of Elliott Wave: Hua (Shane) Cuong, CEWA-M (Master's Designation).
The context suggests that we are inside a 4-grey wave, as the 3-grey wave ended at the high of 2,801.2.
I see that the 4-grey wave is taking a long time, and is probably getting narrower as time goes on, as well as its subwaves have a lot of Three-waves, which directly suggests to me the idea of a Triangle forming (3-3-3-3-3 or ABCDE).
A closer look suggests that the ((a))-navy to ((d))-navy wave is probably completed, and we are inside a ((e))-navy wave. It will continue to aim for the nearest target at 2,633.8 (Wave ((e))-navy = 0.618 x wave ((c))-navy - this is a fibonacci multiple ratio of subwaves in the triangle pattern). Wave ((e))-navy will develop as a Zigzag.
So, in the coming time, gold may move up with wave 5-grey, but not yet, because it needs more time to complete this Triangle pattern.
While the price must always remain lower than the high of 2,734.2 to maintain the short-term bearish view with the Triangle pattern.
©Master of Elliott Wave: Hua (Shane) Cuong, CEWA-M (Master's Designation).
The context suggests that we are inside a 4-grey wave, as the 3-grey wave ended at the high of 2,801.2.
I see that the 4-grey wave is taking a long time, and is probably getting narrower as time goes on, as well as its subwaves have a lot of Three-waves, which directly suggests to me the idea of a Triangle forming (3-3-3-3-3 or ABCDE).
A closer look suggests that the ((a))-navy to ((d))-navy wave is probably completed, and we are inside a ((e))-navy wave. It will continue to aim for the nearest target at 2,633.8 (Wave ((e))-navy = 0.618 x wave ((c))-navy - this is a fibonacci multiple ratio of subwaves in the triangle pattern). Wave ((e))-navy will develop as a Zigzag.
So, in the coming time, gold may move up with wave 5-grey, but not yet, because it needs more time to complete this Triangle pattern.
While the price must always remain lower than the high of 2,734.2 to maintain the short-term bearish view with the Triangle pattern.
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