XAUUSD | Expanded Flat W2 Correction

Short

Gold Spot / U.S. Dollar (FOREXCOM:XAUUSD)

Updated

FOREXCOM:XAUUSD Gold Spot / U.S. Dollar

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My thesis regarding gold is simple—an Expanded Flat correction for Wave 2.

The primary rationale for this determination lies within the retracement on completion of the initial 5-Wave move up on completion of WA. From my perspective, this retracement exhibited insufficient depth to be counted as a W2. Reverting to what I call the Elliott Wave Theory paradox, if it is not a W2, it must be a WB.

Therefore, the following move completed WC of WB, with PA now residing in W1 of WC of an Expanded Flat which is forming as W2.

I expect PA to push to the 1.618 FIB to confirm that the bottom is in before launch.

Safe Trading.

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If you were wondering how this may tie in with DXY, here is my count.

DXY Chart:

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I do not think W1 is in yet.

Chart:

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DXY

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