# GOLD - The c wanted to correct even more

COMEX:GC1!   Gold Futures
681 views
The c was longer than expected. Now the c has reached a solid target. I am positioned long and use a tight sl. Conservative traders should wait for confirmation in 1893.

Weekly:

For my followers to understand my analysis:
The topic is only described very roughly and is intended to give you a first overview of one of my analysis methods.

1. An impulse always moves in five sub-waves.

Waves 1, 3 and 5 of these are motive waves that move in the same direction as the overall trend.
Waves 2 and 4 are corrective waves, i.e. they correct the previous movement.
The following rules apply to an impulse:
-Wave 4 must not overlap with wave 1, except in a diagonal.
-Wave 3 is never the shortest wave.
-Wave 2 must not fall below the starting point of wave 1.
If one of these rules is broken, the chart analysis must be revised.

2. A correction wave moves in the opposite direction to the overall trend.
Corrective waves are three-part and basically consist of waves A, B and C.
Waves A and C are primarily impulse patterns of the corrective movement and drive the market in the opposite direction to the overall trend.
Wave B corrects the previous wave A and even has the potential to surpass the starting point of wave A.

3. The standard pattern consists of an impulse wave and a corrective wave.
These standard patterns repeat on a short-term basis as well as on a multi-year basis. In other words, every single wave consists of several sub-waves and in turn belongs to the larger picture. For example, wave 1 (an impulse) itself consists of five sub-waves.
This standard pattern continues and accordingly always merges into a higher level.

4. Relation Between Fibonacci and Elliott Wave Theory
Fibonacci Ratio is useful to measure the target of a wave’s move within an Elliott Wave structure. Different waves in an Elliott Wave structure relates to one another with Fibonacci Ratio. For example, in impulse wave:
Wave 2 is typically 38,2 %, 50% or 61.8% of wave 1
• Wave 3 is typically 161.8% of wave 1
• Wave 4 is typically 23.6%, or 38.2% of wave 3
• Wave 5 is typically inverse 1.236 – 1.618% of wave 4, equal to wave 1 or 61.8% of wave 1+3
You can use the information above to determine the point of entry and profit target when entering into a trade.