trade_sniper
Short

Short term Elliot wave count - GOLD

FX:XAUUSD   Gold/U.S. Dollar
228 0 2
Here's my short term Elliot wave count for gold             . I think we've just seen a 5-wave move to the downside which I construe as being wave 1 at one higher degree. I think that in the immediate term we'll see a retracement, for which I have several scenarios.

I think that price will most likely re-test the 1350 level, which corresponds to the 23.6% Fib retracement level. However, wave 2 usually is a deep retracement of wave 1, so I wouldn't be surprised to see this rally to around 1355. I'll be monitoring price around these retracements and looking for shorting opportunities.

Either way, I think the big move is coming to the downside - a potential wave 3 of 3 to take us down under $1300.

Edit: my count for the most recent downside move is not very clear - its in purple font and you'll need to look closely to see it. My apologies - first time user of this platform.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out