Good afternoon traders,
Trust the week has been great for you.
Below is my elliott wave analysis of Gold.
Major structure: The advance from the July low appears to have completed a larger 5-wave impulse, ending near 4,697.105 at C/(v).
Current structure: The decline from 4,697 is being interpreted as a complex corrective sequence, with nested W-X-Y-X-Z labeling.
Current position: Wave (z) appears to have reached/approached completion around 4,051.517, followed by the current rebound to 4,180.585.
Bullish confirmation: Sustained recovery above 4,220.522 → 4,260.590 would strengthen the case that the correction has completed.
Upside levels:
4,398.736 → 4,511.918 → 4,609.753, with 4,800.457 as the larger projected objective.
Bearish invalidation/extension: A decisive break below 4,051.517 would weaken the completed-correction interpretation and suggest the (z) leg is still extending.
Cheers and have a great day trading.
Trust the week has been great for you.
Below is my elliott wave analysis of Gold.
Major structure: The advance from the July low appears to have completed a larger 5-wave impulse, ending near 4,697.105 at C/(v).
Current structure: The decline from 4,697 is being interpreted as a complex corrective sequence, with nested W-X-Y-X-Z labeling.
Current position: Wave (z) appears to have reached/approached completion around 4,051.517, followed by the current rebound to 4,180.585.
Bullish confirmation: Sustained recovery above 4,220.522 → 4,260.590 would strengthen the case that the correction has completed.
Upside levels:
4,398.736 → 4,511.918 → 4,609.753, with 4,800.457 as the larger projected objective.
Bearish invalidation/extension: A decisive break below 4,051.517 would weaken the completed-correction interpretation and suggest the (z) leg is still extending.
Cheers and have a great day trading.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.