Regarding Elliott wave counting for gold's 4 hour chart, there are two major scenarios I wanted to share.
before that we have to be aware of the current bull trend and it supported the recent drop in gold's price.
Bull trend is illustrated in pink and the shorter-term bear trend is shown in blue line.
The chart above indicates that the abc correction has completed and so that the 1st wave of a sub-wave just took off.
1st wave just hit the resistance showing an evidence for the 2nd wave that comes after.
The second scenario is very similar.
Instead of the blue abc correction, it could possibly be just normal impulses, meaning that we haven't seen the 5th wave just yet.
If there is 5th wave to be completed, that also means gold 0.19% will lose its pink bull trend line and will continue the blue bear trend line .
Wish you all good luck.
Happy trading!!
before that we have to be aware of the current bull trend and it supported the recent drop in gold's price.
Bull trend is illustrated in pink and the shorter-term bear trend is shown in blue line.
The chart above indicates that the abc correction has completed and so that the 1st wave of a sub-wave just took off.
1st wave just hit the resistance showing an evidence for the 2nd wave that comes after.
The second scenario is very similar.
Instead of the blue abc correction, it could possibly be just normal impulses, meaning that we haven't seen the 5th wave just yet.
If there is 5th wave to be completed, that also means gold 0.19% will lose its pink bull trend line and will continue the blue bear trend line .
Wish you all good luck.
Happy trading!!