Gold (XAU/USD) ,Bitcoin Elliott Wave Weekly Analysis - 27th Sep
BITCOIN
After completion of the Five Impulse wave, Correction ABC is under progress
A wave: small abc 12455 to 9841
B wave forecast:
B wave expected triangle correction as ABCDE,
B wave to A wave Fibonacci Ratio as ,
50% Fibonacci @ 11150 &
61.8% @11450
So the Price may face resistance between these levels.
C wave forecast :
Five sub-waves of C wave as I,II,III,IV,V
1) 61.8% & 50% Fibonacci retracement of whole Five Impulse from 3793 to 12455 is @ 8100-7100
2) C wave is 123.6% of A wave. After completion of B wave, we can calculate this level.
GOLD :
C wave Forecast :
1) On higher Time frame 38.2% retracement @ 1842
2) 61.8% retracement of a wave is @ 1840
3) 100 DMA @ 1842
4) 123.6% of a wave @ 1791
C wave Possibility 1840/1821/1791
Once this correction complete in few days/week we may see a rally towards new High.
After completion of the Five Impulse wave, Correction ABC is under progress
A wave: small abc 12455 to 9841
B wave forecast:
B wave expected triangle correction as ABCDE,
B wave to A wave Fibonacci Ratio as ,
50% Fibonacci @ 11150 &
61.8% @11450
So the Price may face resistance between these levels.
C wave forecast :
Five sub-waves of C wave as I,II,III,IV,V
1) 61.8% & 50% Fibonacci retracement of whole Five Impulse from 3793 to 12455 is @ 8100-7100
2) C wave is 123.6% of A wave. After completion of B wave, we can calculate this level.
GOLD :
C wave Forecast :
1) On higher Time frame 38.2% retracement @ 1842
2) 61.8% retracement of a wave is @ 1840
3) 100 DMA @ 1842
4) 123.6% of a wave @ 1791
C wave Possibility 1840/1821/1791
Once this correction complete in few days/week we may see a rally towards new High.