D - XAUUSD - Metals & Crude Oil | Elliott Wave | November 2019
Metals & Crude Oil | Elliott Wave Patterns
XAUUSD - 2H Chart (picture)
XAUUSD - Elliott Wave Technical Analysis
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Zig-Zag
- Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
- Intermediate (X) (purple): Contracting Triangle with a 3-3-3-3-3 sequence in its Minors ABCDE (turquoise)
- Intermediate (X) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
Due to Minor A (red) unfolding as a "five", one would assume that a bullish sequence is awaiting its turn.
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
Current Position & Pattern:
- Impulsive 5-swings sequence in Minor A (red), 4th to 5th wave final stages
Expected Swing:
- Minor B (red), Bullish Structure
To be noted that a bottom could also be forming, therefore, Minor B (red) should show a 3-swings structure, and not an impulse.
If the swing on the up-side would be impulsive, then Minor C (red) might not unfold, and the view would remain bullish until new 2-3 months highs.
Technicals & Confirmations:
- 78.6% Fibonacci Retracements of Intermediate (5) (green)
(August-September 2019 bullish swing)
- 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
- 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
- Bullish Divergence at Support
- Bullish Harmonic Structure: AB=CD
- 1435.00 - 1415.00 range is a Point of Interest
XAUUSD - 2H Chart (picture)
XAUUSD - Elliott Wave Technical Analysis
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Zig-Zag
- Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
- Intermediate (X) (purple): Contracting Triangle with a 3-3-3-3-3 sequence in its Minors ABCDE (turquoise)
- Intermediate (X) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
Due to Minor A (red) unfolding as a "five", one would assume that a bullish sequence is awaiting its turn.
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
Current Position & Pattern:
- Impulsive 5-swings sequence in Minor A (red), 4th to 5th wave final stages
Expected Swing:
- Minor B (red), Bullish Structure
To be noted that a bottom could also be forming, therefore, Minor B (red) should show a 3-swings structure, and not an impulse.
If the swing on the up-side would be impulsive, then Minor C (red) might not unfold, and the view would remain bullish until new 2-3 months highs.
Technicals & Confirmations:
- 78.6% Fibonacci Retracements of Intermediate (5) (green)
(August-September 2019 bullish swing)
- 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
- 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
- Bullish Divergence at Support
- Bullish Harmonic Structure: AB=CD
- 1435.00 - 1415.00 range is a Point of Interest