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Gold Spot / U.S. Dollar
Short

Bearish Count

By wsbza
Updated
expecting another decline to follow once the corrective pattern is done
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could be another wave down, but I rarely see diagonal like this snapshot
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corrective pattern after impulsive decline ???
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5 waves done ? or nearly done? snapshot
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snapshot
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complex correction is still under way
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the pattern looks corrective with huge bearish potential
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gold has broken below the multi week up trend line since 2016
great bearish potential
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expect blue wave (b) up in the short-run, then another blue wave (c) to complete red wave {Y} where {W}-{X}-{Y} is a double zigzag
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simple zigzag for blue wave (b)?
potential resistance zone between 50% and 61.8% Fibonacci retracement levels
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complex sideways? snapshot
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we could have red a-b-c flat or double zigzag w-x-y or combination w-x-y, or even a triangle for (b) wave
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red b or x could be a double zigzag
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do not constrain yourself by your wave count, do not trade what do you think will happen, trade after the fact
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the next support level could be around 1200
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possible count 1
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possible count 2
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I accidental updated EURO in here lol >_<
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here is the short-term count for gold snapshot
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bullish assumptions snapshot
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Elliott WaveexpandedflatFLATrunningflatTrend AnalysisWave AnalysisZigzag
wsbza
'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'


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