anilmangal
Short

GOLD is it an ending diagonal?

FX:XAUUSD   Gold / U.S. Dollar
4197 23 184
Gold             looks like it's in an ending diagonal structure which is making the 5th leg down .
I Guess we will see very soon how this plays out .
It's all about how the structure. I was expecting this to develop in a channel (as shown on the pinned chart) but the 4th corrective up move did not go as high as I expected thus changing the structure to an ending diagonal from a wxyxz. The 5th wave down is in progress as was expected maybe one more sell after a correction then the up trend starts.

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this is elliot's wave correct? tried learning the 1-5 ABC pattern but im having trouble knowing what is a wave or not. for example why is the smaller correction wave between 2 & 3 not counted. love the mark ups. keep it up!
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Nooooo, not another ending diagonal.
Help!!! Anil :)
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Hi Anil, could you post an update for gold? This consolidation's break would seems nice to me for buying:
XAUUSD LONG
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Totally agree with you, GOLD should retrace back to 1110 - 1120 before heading for a major drop.
+1 Reply
I agree with the idea of Ending diagonal. I had 12345 as my alternate counts but now they have got priority as Main counts. Please click the button to update chart
GOLD - Long term Long - Alternate wave Counts
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Very good chart anil
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that s mean we must buy now? plz help us we are begginer tnx
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Agree Anil. Next move up for W-4 then Down For W-5 (CYX)
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Published this , 3Days ago. Hopefully we see an overshoot of the Lower Blue line, and rally from here(making this the final flag;) )
GOLD: I SEE A POSSIBLE BEAR FLAG WITHIN A BEAR FLAG
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