peterdcharlebois

A possible path for GOLD - Potential Elliott Wave Count

FX:XAUUSD   Gold / U.S. Dollar
There is a possibility that Gold             has put in a long term bottom - Of course, we won't really be able to confirm this for another 6 months to a year. However, with what appears to be 5 waves up in a classic Elliott Wave pattern, the thing to watch for is a ZIGZAG correction (most common in wave 2 position) The correction may be over but I think it' needs to be larger yet. I don't trade Gold             much but I watch it for clues on the CAD and the AUD as they usually follow Gold             and OIL             .
Comment: Interesting move on Gold. Let's see if it react at this trendline
Comment: Holly crap... sometimes I get lucky and plot good lines. the move up bounced right where I guessed. OK so an educated guess perhaps, but it's important to always see ones analysis as only a "Potential". Let's see if the final ploted move works out.
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