If we attempt to measure with Elliott's wave theory the gold price rise, we could say that the (5) wave of the 5/ wave is bounded in the region of 2450.
This is because when we have an extension of the 3/ wave, then probably the 5/ wave is equal to the 1/ wave.
So, if our measurement is accurate, the 4/ wave has ended with an acute correction in the region of 50% in Fibonacci ratios, and it lasted 51 months, unlike the 2/ wave whose correction was flat in the region of 74% in Fibonacci ratios, and it lasted 239 months.
An analysis will follow at a shorter timeframe.
This is because when we have an extension of the 3/ wave, then probably the 5/ wave is equal to the 1/ wave.
So, if our measurement is accurate, the 4/ wave has ended with an acute correction in the region of 50% in Fibonacci ratios, and it lasted 51 months, unlike the 2/ wave whose correction was flat in the region of 74% in Fibonacci ratios, and it lasted 239 months.
An analysis will follow at a shorter timeframe.
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The negative element is the triple top and the million-dollar question is whether it will afford to break it, combined with the fact of the negative divergence at the two peaks of the DPO indicator.
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Gold Spot : Weekly timeframe analysis
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Gold Spot: Daily
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In a flat correction abc we do not expect wave c to spread beyond wave a (at least not much).
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Alternative idea: long position after 1935 area breakout
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Alternative scenario based on triple top.....
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If this scenario prevails, which is very likely, then we will see this precious metal, after a big bullish run since 1978, enter a deep correction and when this happens, we see it go deep, up to 61.8% from the top, which is in the 710 to 820 area.
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In short term: Crucial price 1955
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Trade closed: target reached:
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Wave b/ has probably ended and wave c/ has started to unfold (?):
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This scenario seems to be emerging ....
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In case the FED and the ECU have completed the cycle of interest rate hikes, then the correction in Gold will be deeper.
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As the wave 2 unfold, the a/b/c/ correction seems to be a sharp correction. That makes the target of the 3rd red arrow verry possible (AB=CD=100%)
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An ABC potential rebound
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It seems that bulls are back again. Invalidation was broken up. Long positions with tight stop loss are suggested.