fibonacci5

Long/mid term Gold Elliot Wave pattern.

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
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2
Wave A starts at the high in 2011 and completed at the label A at the beginning of 2016. The beginning of wave c of B is imminent signalled by the current extreme negative sentiment to gold and bullish momentum divergences on daily chart . Wave c will be an impulse wave carrying price to above the wave a extreme at 1373.
Comment: Wait for 5 up and then enter on completion of 3 wave corrective pull back. Will post when it happens.
Comment: Wave c underway, Impulsive price action to the upside seems to be underway and should take gold to above the wave a high, See my latest Gold idea for stop and limit.
Comment: This abc formation can also be labelled as a wxy the trade is still the same. If the proposed wave upwards is a "y" wave rather than a "c" wave it's form would be a combination wave rather than an impulse wave in Elliott wave classification. It should still carry to above the peak labelled a on this chart. It is also possible that gold will make one more low before the wave up starts.