Hi traders, I want share with you my opinion about Gold . The chart depicts the completion of the last correction waves a, b, c in the upward trend. However, after a correction, the price has continued to decline, indicating a downward trend and forming impulsive waves in the Elliott wave pattern. Presently, the price is undergoing a correction within the 4th corrective wave. It is possible that the 4th correction wave has concluded, suggesting that the price may continue to decrease. Therefore, it is expected that the price will continue to fall, forming the 5th and final wave. As a result, it is anticipated that Gold will reach its target close to the support area of 1800-1778. Please share this idea with your friends and click Boost
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Today, the United States President's Day, the market is closed early, gold is expected to intra-day volatility will not be too big, keep in the 1830-1850 range trading! Above concern 1852 near resistance,
another reason for wxyxz is that the third wave is subdivided into three waves, and the first wave is actually the third leg of an expanded flat
PerdanaCapital
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better to view it as a wxyxz kind of trend instead of 1 - 5 impulse, reason being the 4th wave is going to touch the second's trading range. in this case the x waves are flat corrections with the current x being an expanded flat to complete at 161.8% extension at around 38.2% retracement of the 1890 drop. first x wave was a running flat that completed during the p0rnographic CPI spike.