IMHO there is a very distinct possibility that XAUUSD has completed a full triple combo corrective sequence: Triangle + Zig Zag + flat. The upwards move the last couple days has a distinctly impulsive feel to it, with the bulls very much in control. I am very much looking forward to discovering whether this is the start of a bullish impulse or more corrective wave nonsense.
In other news, I'm seeing quite a few toppy patterns in multiple stock indices - both US and international. The NASDAQ in particular looks quite disgusting on the daily - 3 giant bear spikes sticking up out of a rounded top. To me, it seems only natural that the start of a bullish impulse in gold might coincide with a corrective reversal in the stock markets.
Nice idea using the Elliot waves to anticipate the bullish potential on XAUUSD. Currently, price is approaching its support at 1194. It is a horizontal overlap support with 61.8% Fibonacci extension and 61.8% & 50% Fibonacci retracement. Stochastic is approaching its support at 4.5% where a potential bounce could occur. If a potential bounce does happen, it could potentially bounce to its resistance at 1201. It is a horizontal overlap resistance with a 50% Fibonacci retracement. We would like to hear what you think about our idea.