DavoodWadi
Long

Gold is starting a Higher Degree Bullish Correction

FX:XAUUSD   Gold / U.S. Dollar
In the past weeks gold             had shown some extensive bullish correction that made us confused about which Bearish Wave it's actually correcting.

This week I came up with a new way of thinking about price movements which I call Displacement and Vector price movements.

In this method I use Fibonacci Extension tool to calculate target price for my Elliott Waves based on the Absolute Displacement every motive wave does (Displacement Extension Method) and the Net Price Movement any motive and corrective wave causes (Vector Extension).

The results were unbelievable.

As you can see from my chart the price turning points for each and every wave matched exactly to the Fibonacci ratios using this method.

I marked some on the chart for you to see it for yourselves.

Using this method I recalculated my whole wave count and came up with what you currently see.

The massive buyings that occurred from October 6th to October 21st was just a Lesser Degree 4th Wave Correction.
And the Big Selloff after that, which has currently stalled, was the end of the Lesser Degree down-move.

Now we're expecting a Higher Degree 4th Wave Correction and I've marked the correction targets on the chart.
We expect this correction to be complex (Time Consuming for sure, as the 2nd Wave was short timed) as of Guideline of Alteration. It could be a Triangle or a Flat or even a ZigZag with a long period.

When this Correction completes we'll be having our last down-move (5th Wave) for our Higher Degree wave count.

I've marked the targets for this down-move using Fibonacci Confluence by using Displacement, Vector and the classic Price Extension methods.

Let's wait and see the results of my new method as a forward testing.

Have a profitable week.
Davood Wadi.
Looking good.
+1 Reply
DavoodWadi IvanLabrie
Thanks buddy :)
Reply
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