WaveAlchemy

XAUUSD BULLISH SUBMINUETTE ALTERNATE 1

FX:XAUUSD   Gold Spot / U.S. Dollar
82 0 6
Hi all,

The essence of the elliot wave principle is fractal . Long story short, wave development at a lower degree determine wave development at a higher degree AND vice-versa.

*MINUTE ALTERNATE 2* is based on the premise that minute 2 pink has already terminated.

Price may have reversed @ 1330s, but a closer analysis suggests that the reversal may only be temporary in that we may see price moving lower.

The rally from August 18 to August 22 appears to be more impulsive in itself so it wouldn't be unreasonable to consider labelling it subminuette A. Visual confirmation is provided by the following price action labelled subminuette wave B appears to be more reactionary than actionary.

I am open to the idea that Minuette E is unfolding as a zig zag . But to adhere to the descending triangle , I can only account for a failed zigzag that doesn't see minuette E move much beyond the 1330s.

_________
The above notes and chart analysis were drawn up just before the drop. Anyway, now we see that price closed below 1330. It mustn't be maintained below this level for too long, otherwise the count will be invalidated. Subminuette C green has now extended 61.8% the length of wave A.

I did not expect a drop this big. I went to lunch just before this had happened. NOTE TO SELF: LUNCH IS NOT NECESSARY FOR TRADERS. Joke :D.

We are now at a very critical level. Price must reverse soon! Otherwise I will discard *MINOR ALTERNATE 1*

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