Elliot Wave Speculation

FX:XAUUSD   Gold Spot / U.S. Dollar
269 6 7
Still believe the trend is Bullish . We have broken the major bullish trendline (Cayan) not once but now twice. This is characteristic of a correction ending with a triangle. If this Bull was over the price should have moved much stronger & faster downwards than what it is currently doing right now. The price hasen't even tested the top of "Wave 1". Speculating this is a large correction (Representing a Running flat). Timewise it is quite long but still acceptable. Currently in a "C" wave of the triangle. If this breaks the bottom of the "A" wave we are more than likely Bearish .
Hmm.. I thought that between W-A-B is already a triangle of itself ?
thenry albertwt
Could be. The last couple of small moves down is acting like a triangle. Assuming the whole move down (from the top) is a W-X-Y with the Y wave being a tiangle.
+1 Reply
albertwt thenry
OK, thanks mate !
A triangle does not appear in the final wave c of a correction... I triangle may appear in the correction within wave a or c (or in wave b), but wave c cannot be a triangle itself
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