Significant Move Up Before Major Downtrend (ELLIOT WAVE)
For XAUUSD we seem to be currently completing Wave 2 in the Major time frame. This Wave 2 seems to be unfolding as a Double Tree corrective pattern. We have completed the W leg which unfolded as a ZigZag followed by a 3 wave move for Leg X and are currently in the midst of completing Leg Y which is also unfolding as a ZigZag Pattern
Narrowing down within Leg Y which is unfolding as a ZigZag we have completed the Zigzag's Leg A and Leg B and are currently in the midst of completing its Leg C. This Leg C is expected to complete in a 5 wave up pattern. Within the Leg C that is expected to unfold in a 5 wave pattern we are currently in its 5th and final Wave. Therefore i believe this Wave 5 should end somewhere between 1970-1975. Do take note that it could still extend further up even till 2000 levels before any bearish movement.
Therefore if you are waiting to sell Gold i would wait for some confirmation or the completion of Wave 1 and Wave 2 within the new Major Wave 3 before joining the trend to the downside.
Narrowing down within Leg Y which is unfolding as a ZigZag we have completed the Zigzag's Leg A and Leg B and are currently in the midst of completing its Leg C. This Leg C is expected to complete in a 5 wave up pattern. Within the Leg C that is expected to unfold in a 5 wave pattern we are currently in its 5th and final Wave. Therefore i believe this Wave 5 should end somewhere between 1970-1975. Do take note that it could still extend further up even till 2000 levels before any bearish movement.
Therefore if you are waiting to sell Gold i would wait for some confirmation or the completion of Wave 1 and Wave 2 within the new Major Wave 3 before joining the trend to the downside.