Gold ongoing correction to continue (Elliott Wave Analysis)
After completing a double Zig Zag type of correction (discussed in my previous post) Gold now seems to be going up in an impulse, however the currently it seems to be in Wave 2 which looks like a Zig Zag indicating that prices can head lower from 12000 to 1175 region.
This is the main count as of now and the leg one seems to be a Leading Diagonal, other counts exist like Gold following a 1-2, 1-2 kind of Wave structure but the most fitting count is what I have presented here.
In view of this count the strategy for trading still remains the same, Gold is still a buy on dips, the essential levels are all been displayed on the chart.
I will update further as market progresses.
This is the main count as of now and the leg one seems to be a Leading Diagonal, other counts exist like Gold following a 1-2, 1-2 kind of Wave structure but the most fitting count is what I have presented here.
In view of this count the strategy for trading still remains the same, Gold is still a buy on dips, the essential levels are all been displayed on the chart.
I will update further as market progresses.
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Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
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