Part of my ongoing analysis of Gold price movements (see links below).
This is an early in week plot (before London Open Monday). We seem poised for a final leg down of an ABCDE correction. Sentiment was Risk On last week, and no new events since.
$ 1473.90-1474.90 is immediate resistance and possible end of wave (4) $ 1480.00-1481.50 is stronger resistance and likely to end the bounce. $ 1487.95-1489.27 is bearish INVALIDATION, might go bull if breaks.
Previous Gold Analysis (click): <= Still Plausible <= Awesome Short <= Just in Time <= Caught the Jump <= To the Penny <= To the Penny <= 9 mos ago
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Trade War news just now, per CNBC "Mood in Beijing about #trade deal is pessimistic, government source tells me. China troubled after Trump said no tariff rollback. (China thought both had agreed in principle.) Strategy now to talk but wait due to impeachment, US election. Also prioritize China economic support." So we are seeing a spike in Gold, and as mentioned, be wary of these news bits hitting the air ...
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Back on course, as of end of US session Monday
Zooming in, there look to be two impulses at play, Red and Blue
Now looking for the Confluences of these two new fibs there are two right proximities, at $1455 and 14520-ish. Thus we can expect a reaction at one or both of those areas. If we are in wave 5, then it should have 5 subwaves of its own. Thus we could see the sw3 (sub-wave 3) ending at one of the above confluences, and a bounce for sw4. Preliminary target of end of main wave 5 is still 1438-1441. But, if/when we get the sw4 bounce, there will be some new clues. And when sw5 starts, there will be more clues, at which point a refined target should be available.
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I have just posted a new short term plot with fined tuned target zones:
E can be either on 1456 as I understand from your analysis, why you didn't consider it?
EuroMotif
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@kris82wt, HI, I am thinking E should have 5 sub waves.
So far I see a clear 3 waves down, 4th bouncing, and 5th coming down again.
I guess it is possible that we get a 'truncated' (5) which ends at 1456, but I think that is unlikely.....
So I am thinking wave (5) will go below wave (3), to one of the support zones below it, and that will complete the E leg.
But I admit I am not so good with Elliot Waves but my Zones are always solid, so am watching reactions at each zone for more clues....