Gold moving down as expected (Elliott Wave Analysis)
In my last article I discussed the 2 possibilities or the Wave counts that can take place.
The last article suggested that either the Wave 2 in Gold was completed at 1240 and it has started the Wave 3 and is in Wave 2 of Wave 3.
The second probability was that it was in a Flat correction.
Situation Now :
Gold has attained the first suggested target that is 1247, breached it and seems to be treating 1247 - 1250 region as resistance, this suggests to me that the Wave is progressing as a Wave C and only once it goes a little below 1240 can we think of the Flat pattern getting completed.
Target 1 : 1240
Target 2: 1226
Note : If the market moves above the boxed zone and takes it as support then the probabilities would suggest long side trades.
I will update further as this market progresses.
The last article suggested that either the Wave 2 in Gold was completed at 1240 and it has started the Wave 3 and is in Wave 2 of Wave 3.
The second probability was that it was in a Flat correction.
Situation Now :
Gold has attained the first suggested target that is 1247, breached it and seems to be treating 1247 - 1250 region as resistance, this suggests to me that the Wave is progressing as a Wave C and only once it goes a little below 1240 can we think of the Flat pattern getting completed.
Target 1 : 1240
Target 2: 1226
Note : If the market moves above the boxed zone and takes it as support then the probabilities would suggest long side trades.
I will update further as this market progresses.
Unmatched 80% plus forecast accuracy for 6 years : 50eyes.com/forecast-accuracy/
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Related publications
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.