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Gold chart analysis in 4-hour time using the wave counting method of Elliott waves.
According to Mr. Eliot's principles in his book. In this part of the chart, you can clearly see three waves.
To prove that the fifth wave is over and we have entered a corrective wave, I showed this issue by forming an ascending triangle in the chart with a highlighter and a green arrow. which indicates the end of wave 4 and the beginning of wave 5. And at the end of wave 5, you can see such an ascending triangle. And the other is that wave A tries to reach or get closer to wave 4. That's it again
We see in this diagram.
And another reason is that wave B tends to correct more than 75% of wave A most of the time.
We see it again.
Now we need to know how far C wave will continue the correction.
In Elliott's principles, wave C can correct as much or more than wave A.
In other words, it can correct at least 100% to 132.8% of the size of the end of wave 5 to point A.
It should be noted that the market can change this size. or do it in different ways. Do it with different patterns or even without pattern and very asymmetrical.
By all means mark the whole process.
Be profitable and steadfast.
Disclaimer:
This is a personal analysis and is not a buy or sell signal.
Gold chart analysis in 4-hour time using the wave counting method of Elliott waves.
According to Mr. Eliot's principles in his book. In this part of the chart, you can clearly see three waves.
To prove that the fifth wave is over and we have entered a corrective wave, I showed this issue by forming an ascending triangle in the chart with a highlighter and a green arrow. which indicates the end of wave 4 and the beginning of wave 5. And at the end of wave 5, you can see such an ascending triangle. And the other is that wave A tries to reach or get closer to wave 4. That's it again
We see in this diagram.
And another reason is that wave B tends to correct more than 75% of wave A most of the time.
We see it again.
Now we need to know how far C wave will continue the correction.
In Elliott's principles, wave C can correct as much or more than wave A.
In other words, it can correct at least 100% to 132.8% of the size of the end of wave 5 to point A.
It should be noted that the market can change this size. or do it in different ways. Do it with different patterns or even without pattern and very asymmetrical.
By all means mark the whole process.
Be profitable and steadfast.
Disclaimer:
This is a personal analysis and is not a buy or sell signal.
Comment:
It should be remembered that point B can be higher, equal or lower than point 5. If it was higher, there will be a slight difference in the size and the way the waves are formed.
Comment:
Excellent, our analysis was accurate, and now at the end of the chart at the price of 1947 to the price of 1940, it is probably completing the end of wave C of the larger trend than wave 4 or wave 2, which I will analyze later.
If you want to continue this type of analysis, leave me a comment.
be profitable
If you want to continue this type of analysis, leave me a comment.
be profitable
Comment:
Here, it is probably completing the bearish wave 5 in the higher time, or the C wave of the monthly corrective wave or the overall wave.
Comment:
In the daily time frame, we see Elliott waves in their flat form. About which I will analyze on the gold chart soon for good buying or selling positions, please follow us.
Don't forget to like and comment.
Don't forget to like and comment.