The bullish setup on Gold is sparking excitement as price follows a clear Elliott Wave pattern. With the fourth point of the wave in place, it's time to buckle up for the next wave, which could potentially take us to around the 2200 mark.
Adding to the bullish sentiment, Gold has been oscillating within an ascending channel in recent weeks, providing further confirmation for this setup. Notably, the RSI indicator is signaling an oversold condition while maintaining an overall uptrend, suggesting an impending bullish impulse.
Let's ride the wave and make the most of this glittering market trend!
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if we zoom in we can notice that price bounced on the 0.618 fib and just breakout the wedge pattern which indicate that the retracement is over and we're now preparing for a continuation of the rally. By getting a closer look, it gives me great confidence in this setup. Please remember that it iss important to take profit frequently as price rise in the expected direction.
With my low knowledge i am asking you a question, 4th wave is not supposed to go under 1 wave. Thats like the main rule in elliot waves right? Just a question i had when i saw Thanks
Thomas_Zito
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@nashid123, sometimes it can slip a bit as market is volatile by definition. you wont find anywhere a triangle without a wick slipping out or any harmonic pattern with the exact fibonacci ratios as in the books. you need to accept the volatile nature of the market and adapt your plan to the market conditions. thats why i dont base my setups on only one strategy, i use a deeper approach and mix several strategies together to get the most out of my setup
With any pattern in the market it’s not where the wicks are / Go it’s where the candles close that matter. @nashid123
Noble1Legion
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@nashid123, actually 4 should always be under 1 because that’s the true bank move of liquidation. He’s right, the volatility of the market will never make these algorithms in perfection. The market need to fool retailers to stay in or exit before profit.