BeyondEdge

XAUUSD Elliott Wave Forecast - Wave C Update

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
As previously mentioned, price should now be in Wave iii of C (please refer to linked idea below).

Following the lower degree wave 1 of iii, the lower degree wave 2 of iii is currently being printed. This is commonly a Zigzag resembling a 5-3-5 wave structure.

We saw the initial 5 waves form during the earlier part of this week. The 3 waves of the 5-3-5 now also appear complete with wave (C) reaching the 123.6% of wave A.

The final 5 waves of the 5-3-5 should now follow, either in an impulse or diagonal. The near term price objectives for these final 5 waves are 1816 and 1825. A further extension towards 1836 is possible and also a level where price should see stronger resistance if reached.


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