zhipengcfel
Long

Gold elliott wave and time@mode analysis (2016-06-25)

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             was bottomed at December 3rd last year and was confirmed at December 17th with a double bottom . I made an elliott wave analysis previously and pointed that the five waves down were finished and would start a three waves correction.
From elliott wave analysis the wave A correction has raised from 1046.23 to 1263.37 with 70 days. Then it underwent an expanding triangle correction for 109 days which is wave B. It broke out of the correction region at Friday. If this breakthrough is confirmed in the following week, gold             will head for higher.

I made a time@mode analysis based on @Tim West and @Ivan Labrie's method.
Price target:
TP1: 1391
TP2: 1463
Time target:
T1: August 31th
T2: November 04th

Good luck for everyone!

Notes: Pay attention to whether the breakthrough will be confirmed in the following week. If it does, gold             is in wave C.
Comment: Gold got supporeted from previous choppy area. The breakthrough was confirmed!
Comment: The bull looks good so far.
Comment: The bull is good so far. Break out of the bull flag.
snapshot
Comment: It seems that price retested the expanding triangle and got supported from the red line. It is a good opportunity to join the long again.

The price has broken out of the bull flag.
snapshot


Good luck for everyone!
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