Babar
Long

Ending Diagonal?

FX:XAUUSD   Gold/U.S. Dollar
40 3 5
I am no expert with Elliott wave but looks like we just got a confirmation with the backtesting candle
monthly 200 has been tested as well...that pattern less apparent on XAG but visible in GDX
snapshot
+1 Reply
Very good chart. It is quite "tempting" to call the recent gold low as the final one (option 1). Elliott waves most definitely look complete, apart from one more possible extension of your 5.5 wave (secondary X & final Z) shown in the chart below as option 2, leading to an alternative final low 2. Personally, I prefer option1, but I am always aware for the probability of option 2 as well.

snapshot
+1 Reply
Babar PRO cfetrader
i have the final extension in mind as well, you are right always keep the other scenarios in mind... i guess it all depends how fast price move and break resistances. cheers!
+1 Reply
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