Anticipation of GC / Gold over the next couple of weeks.For those who might have interest in a Elliott reading on gold:
In this post, everytime I write gold, I mean GC. This is just for info, since GC and gold doesn't have same prices, but the movement is very much the same.
If you follow along on a gold spot or similar, just translate the levels to there.
The picture is very messy for those who doesn't know what the lines and numbers are for, but please follow along.
I have a strong believe that with current PA the 3rd (white iii) wave is over, and now we will look for price to search for the bottom of the blue channel.
The blue channel is an acceleration channel, which is used to see if 4th (white iv) wave is under way. When the 4th (white iv) has developed some more, we are able to put another channel on, called the deceleration channel. This we will use to spot the end of the 4th (white iv).
Until now, it seems gold is respect the white 161 fib level, which is a very typical 3rd wave level to end.
The reason I started this post, was to tell you about my thoughts on when the 4th (white iv) is going to end, or at least how long it's going to be.
A typical scenario is that wave 4 is longer in duration than wave 2. For ease of spotting, I have put up these purple boxes, so now we do not anticipate gold to end the correction, before it has exited the purple box to the right.
The depth of wave 4 (white iv): I believe we are going to see prices in the level between 3600 and 3550 (the green box).
Reasons for the levels of the green box: when prices wave 2 (white ii) goes beyound the 61.8 fib level (in this case below), we tend to see a retracement between 38% and 50% in the 4th (white iv). And this is the area the green box indicates.
Timewise it is places outside of the previously mentioned purple box.
4th wave also tends to respect the base channel . Either the upper line or the middle line.
The lower line of the blue channel and the middle of the grey channel ( base channel ), the green box, outside of the purple box is all seeming to fall in the same place. So I like all the confluences falling together here, so that's why I feel pretty certain that, that is where the white iv wave is likely to end.
Timewise it'll be about 1st of october.
The white v wave i have also done a forecast on that fits if wave white iv retrace to the green box.
Normally the 5th wave is going to end in the area between 38% and 61% of the wave 1 and 3. This level is indicated with the blue fib.
Usually wave 5 is equal to wave 3. But can be extended if wave three isn't. Have indicated the 100% fib of white i wave with the cyan fib.
This 100% level falls between the blue fib, right around the yellow line I have talked a lot about before in previous post. So I also have a lot of confluences for price to go here in the white v wave.
If the white v is extended it could go to the blue 100% level, which also is confluenced with that cyan upgoing line. This is a pitchfork drawn from previous waves.
let's see where gold will take us.
