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.
Comment
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If you were wondering how this may tie in with DXY, here is my count.
@DAY210926, No problem, I hope my Analysis provides confluence. If DXY does not reverse between 99 and 101 I need to revert to my Bear Count, and bottom of this move is more than likely not in.
DAY210926
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@JMSBurton, I see what you mean and initially I also judged that $101.50 had reached the bottom. At present, although the US dollar has the possibility of continuing to fall, if the position you said can not stop falling, then it will go to 96.40, on the contrary, we can see 109-110 above the stop falling. The dollar index has fallen a bit too far. Looking at gold alone, I do prefer that there is one last decline, the decline target around 1650, the end of this decline will be followed by a real rally, the target can see the 2700 area. Also look forward to your analysis of more currencies
sahalpatel
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I can dream it but it's not possible cz when a lot of uncertainty in the market, war is goin on in the middle East and when fed about to start cutting interest rate
JMSBurton
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@sahalpatel Expanded Flats generally unfold very quickly, the termination of this move will signal the beginning of Golds Bull run. It is just around the corner. Buy this dip.