Retracement possibly completed now a move on the upside
1.Wave 3 On the daily timeframe. (Analysis) 2.Awaiting completion of wave 2 hourly (confirmation) 3.Then a long position wave 3 hourly of a higher of timeframe wave 3 (Entry)
Gold has made it to the termination zone of wave 4 with a 5 (3 wave pattern) Most wave 4 zigzags in commodities and currencies end up forming a wave 5 pattern that ends at a Fibonacci extension zone of (0.618 ) highlighted in Green.
Kindly note these are only projections. The next important level is a support level at the daily timeframe swing move retracement .
Huge profit zone in the upward direction (Impulsive move)
Multiple time frame analysis of Elliot wave, In relation to the Economic confidence model where by a commodity boom might be expected in the next 4 years and considering Oil's larger TF is on the upside the seems to be playing right in the models prediction.