Gold's Potential Full Elliot Wave Count + In-Depth Analysis
Hello traders! Kick starting with an analysis on XAUUSD to start your day! I have labeled my full Elliot count on gold for your eyes to examine, along with fibs I have dug into this one deep. Let's get right into it.
Starting with way back in 2011 when XAUUSD made its high $1,923.7, Gold closed a sharp bearish hammer leading towards a correction, no one could see that this was the top of its amazing run at the time, but as gold sat around for a while and made specific pivots , it became more obvious something more interesting was going on. Thus, then followed denial to hold the $1,800.0 level at this point Gold was telling us something wasn't quite right, because since the year 2000, Gold did not struggle in breaking tops left and right. So when gold dropped below the key $1,550.0 level the bulls were clinging onto, it spelled disaster, thus driving us into a foreseen and ensured bear market.
Now this Elliot Wave was not just whipped together in a few minutes, but rather constructed over the course of days, double and triple checking specific pivots and ensuring no invalid or crazy counts were given. I am truly satisfied with what has been put together and hope you can agree this may be the one of the best counts one can give. Just because there is only a single combo listed by myself does not mean Gold will not go into a double combo, this is opinion based because I believe the economy is well overdue for a downturn, you can see here that the last gold correction was a double combo wave.
Bringing Gold back into the geometrical perspective, XAUUSD has hit long term resistance at the $1,550.0 level which was mentioned previously as a level the bulls were struggling to hold since the top was put in, surprising? No! This is a classic example of resistance turned support to identify a topping point in which was textbook in this case. You can see the full example here.
Regarding Fibonacci Retracement , Gold failed to touch the .618 level, showing the immense influence algorithms have in this space. Robots have programmed themselves to sell here, this was previously seen beautifully on Bitcoin , but the .65 was hit because of the immense fomo at the time, followed by a 10% drop in minutes. Because sellers are waiting at the .65-.618 gives us another reason to argue why a top has been formed, a top will usually never be obvious.
I really hope you found this useful in some way!
That will be all for this Gold analysis!
As always friends, I wish you good luck trading!
-Trader Demo
Starting with way back in 2011 when XAUUSD made its high $1,923.7, Gold closed a sharp bearish hammer leading towards a correction, no one could see that this was the top of its amazing run at the time, but as gold sat around for a while and made specific pivots , it became more obvious something more interesting was going on. Thus, then followed denial to hold the $1,800.0 level at this point Gold was telling us something wasn't quite right, because since the year 2000, Gold did not struggle in breaking tops left and right. So when gold dropped below the key $1,550.0 level the bulls were clinging onto, it spelled disaster, thus driving us into a foreseen and ensured bear market.
Now this Elliot Wave was not just whipped together in a few minutes, but rather constructed over the course of days, double and triple checking specific pivots and ensuring no invalid or crazy counts were given. I am truly satisfied with what has been put together and hope you can agree this may be the one of the best counts one can give. Just because there is only a single combo listed by myself does not mean Gold will not go into a double combo, this is opinion based because I believe the economy is well overdue for a downturn, you can see here that the last gold correction was a double combo wave.
I really hope you found this useful in some way!
That will be all for this Gold analysis!
As always friends, I wish you good luck trading!
-Trader Demo