Gold Futures on the MCX chart is showing a classic Elliott Wave pattern in play. After forming a regular flat correction with a double top near the 99,300–99,200 zone, prices have started to drift lower. The double top structure—combined with the completion of Wave B—suggests that a Wave C decline is underway.
Wave A took the price down to around 90,890, followed by a corrective Wave B that failed to break the previous high convincingly.
The near-term outlook on the 4-hour timeframe remains bearish. I am anticipating five waves down within Wave C, which may take price back toward the previous Wave A low or slightly lower, possibly ending in a diagonal pattern, before a bullish reversal can be expected.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Wave A took the price down to around 90,890, followed by a corrective Wave B that failed to break the previous high convincingly.
The near-term outlook on the 4-hour timeframe remains bearish. I am anticipating five waves down within Wave C, which may take price back toward the previous Wave A low or slightly lower, possibly ending in a diagonal pattern, before a bullish reversal can be expected.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Note
Gold Spot (XAUUSD) is forming a textbook bear flag after a sharp ABC decline, likely acting as Wave X within a larger WXY correction. A break below the channel may trigger Wave Y, aligning with the MCX Wave C bearish setup.Note
Update:Price has bounced toward ₹98,500, which might mark the completion of Wave 2 of the anticipated Wave C decline. As long as price remains below ₹99,214 (the Wave B high), this bearish count stays valid.
If ₹99,214 is breached, the structure is invalidated, and the move may instead signal the start of a bullish sequence. For now, I continue to track this as a potential 5-wave impulse within Wave C.
Disclaimer
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.