Elliott wave analysis on Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             is in consolidation for couple of weeks. Price has reached to the bottom of the rising channel . Current price area gets supported from the previous support zone . From EW analysis, a clear ABC correction waves have been done.

If price does not break the rising channel , it will go up again to 1243 first then 1276. Break of the resistance trendline will confirm the rising. Just buy the break out with SL outside of the rising channel .

Notes: If it breaks out of the rising channel , it will go down to 1183~1193 zone.

Good luck for everyone!
HI Any chance of update GOLD chart , and OIL chart looking like oil has break from a low.
+1 Reply
zhipengcfel crosswind
Hi, here is the us oil setup which I am in.
As for the gold, I took profit at around 1258. It seems that it gets supported at the bottom channel again. I am wait more confirmation to get in again.
Nice chart , any advice on Elliot count .
+1 Reply
zhipengcfel crosswind
Count the EW based on elliott wave rules, you will get some clear EW counts. The price move will confirm which one is right and then trade the right count.
crosswind zhipengcfel
hi thanks difficulty is corrections , do you find motive impulse moves breakout by using , technical analysis , ending diagonals and triangles , also trend lines on larger time frames. The daily chart at the bottom, shows a breakout on a monthly chart of a ending diagonal also the very bottom on the monthly a candle morning star pattern do you use candle patterns.
+1 Reply
zhipengcfel crosswind
Sure. It is better to compare the count at different timeframe and use other TA to confirm your count.
crosswind zhipengcfel
HI THANKS zhipengcfel will look out for your charts awesome , Gold looking start of WAVE3.
+1 Reply
zhipengcfel crosswind
Thanks. I am looking forward it too. But it needs to break out of the resistance trend line to confirm.
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