Gold's decline to today's low has satisfied the minimum requirements to consider the correction over.
The April to May decline corrected in a double zigzag labeled ((w))-((x))-((y)). There are 3 geometric relationships pointing to today's low as an important bottom.
1. Wave ((y)) was equal to wave ((w)) at today's low, a common wave relationship.
2. Additionally, wave (c) of ((y)) was 61.8% times wave (a) of ((y))...another common wave relationship.
3. Lastly, the previous all-time high from early April clocks in at 3,167...the broken resistance acts as new support holding up prices.
The runway is cleared for gold to take off to new all-time highs again.
In the unexpected event of a decline below today's low, the next cluster of wave relationships appears near 2,950.
The April to May decline corrected in a double zigzag labeled ((w))-((x))-((y)). There are 3 geometric relationships pointing to today's low as an important bottom.
1. Wave ((y)) was equal to wave ((w)) at today's low, a common wave relationship.
2. Additionally, wave (c) of ((y)) was 61.8% times wave (a) of ((y))...another common wave relationship.
3. Lastly, the previous all-time high from early April clocks in at 3,167...the broken resistance acts as new support holding up prices.
The runway is cleared for gold to take off to new all-time highs again.
In the unexpected event of a decline below today's low, the next cluster of wave relationships appears near 2,950.
Test your Elliott Wave readiness.
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Disclaimer
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
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.