GOLD: Dec 5, 2023 || Elliott wave analyst: Shane Hua
GOLD will continue to drop prices lower.
The general outlook for GOLD is bearish with wave ii with a target of around 78.6%. While price must sustain below 2058. A move higher suggests wave b of wave ii may have taken place
Bottom line: GOLD will continue to increase in price with wave 3.
Bullish price target for overall outlook at large wave level with wave 3 (circle) still moving higher.
In the short term, GOLD may continue to move higher. While the price still maintains above the 2027.254 milestone. A bearish break above this milestone shows that corrective wave iv is underway,...
Bottom line: Bitcoin price could drop lower.
The short-term outlook is that Bitcoin could continue lower around the 36231 area. While the price should remain below 37748. The bull market may return, but now is not the time. At least the price must rise above the high of 37748 to reinforce the bull market view.
Bottom line: GOLD will continue to increase with the 3rd wave.
The general outlook is for prices to go much higher. Upside target is around the 2055 area.
In the short term, the bullish view will hold while the price must maintain above 2006. When the 2005 mark is broken downward, it shows that the 1st wave of a smaller level is completing, and the 2 discounts...
After the end of the discount according to the Three wave pattern. Looks like the orange b-wave has reached its target. The next price increase is Subdivided into 5 following the orange c- wave.
In an alternative lower probability scenario, the price increase since 105.451 follows a Three pattern. From there it becomes a Flat/Triangle pattern.