Gold dancing around the 1.618 level

FX:XAUUSD   Gold Spot / U.S. Dollar
One possible wave count in gold             is an ending diagonal labeled with intermediate BLUE waves. Diagonals are composed of smaller zig-zag (labeled in GOLD             ) subwaves. BLUE wave 4 can overlap BLUE wave 1 in diagonal formations. If this wave count is actual, we would expect the GOLD             “C” wave to end in a motive wave (i.e. 5 waves) structure, although it may also end in a double-zig-zag type of wave as well.

Elliott observed that often times, the third wave in a motive wave runs 1.618 the price of wave 1. In this case, we find gold             finding some support around the price level of 1.618, which is the distance travelled in GREEN “1”, projected off of GREEN “2”, using the fib extension tool.

Elliott also observed that wave types often times alternate. In green wave “2” we have a zig-zag correction. With the alternation guideline, its common to see a sideways wave as wave “4” (i.e. a flat or a triangle).
I am going to be patient in gold             for now. Once wave 4 unfolds, I will watch for the red Heiken-Ashi bar and perhaps take a paper position in a short gold             ETF for a final wave 5.

PS Thank you for the paper trading feature TradingView.
Updated chart
Agree, the EW basic wave relationships and guidelines are very usefull here.
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