EW Analysis: GOLD Is Just In A Higher Degree Corrective Phase
Hello traders!
Today we will talk about GOLD and its price action + wave structure from Elliott Wave perspective.
Well, GOLD was sideways with a slow price action for the last couple of weeks, which we see it as part of a bearish triangle formation in wave B. However, we know that triangles cannot occur in wave 2 and this is the main reason why we think that GOLD is just in a higher degree A-B-C correction, where we are currently tracking the final wave C that can send the price down to projected support zone between 1820 - 1765 area.
Later then, once an A-B-C correction fully unfolds, we will probably see price price confirmation with strong and impulsive rebound, which will give us signal for a completed corrective decline, but until then, we have to expect more weakness.
Be humble and trade smart!
If you like what we do, then please like and share the idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about GOLD and its price action + wave structure from Elliott Wave perspective.
Well, GOLD was sideways with a slow price action for the last couple of weeks, which we see it as part of a bearish triangle formation in wave B. However, we know that triangles cannot occur in wave 2 and this is the main reason why we think that GOLD is just in a higher degree A-B-C correction, where we are currently tracking the final wave C that can send the price down to projected support zone between 1820 - 1765 area.
Later then, once an A-B-C correction fully unfolds, we will probably see price price confirmation with strong and impulsive rebound, which will give us signal for a completed corrective decline, but until then, we have to expect more weakness.
Be humble and trade smart!
If you like what we do, then please like and share the idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
