Was anticipating for this up move to complete somewhere around 88.6% fib retracement of the previous down move but seem it just made marginal high and could be forming as Expanded Flat Correction . 19k is still the downside target.
Price is still within Wave (C) of (Y). Completed wave i at peak of $1787 and wave ii at low of $1776 with internal structure formed as Expanded Flat Correction. Soon price will climb to make wave iii, iv, and v to complete this whole WXY Corrective Wave from low of $1760 before continuation down.
Updated wave count for Gold from yesterday analysis. Price suggest that Wave (A) of (Y) has been made at the peak of $1788, and now price currently finishing off wave (B) of (Y) and soon will see another high to complete Wave (C) of (Y) before continuation of move down.
Gold price looks to be making a double correction when Wave (B) of X concluded as an Expanded Flat Correction. We will see another 3 waves ABC upward to complete the Wave (Y) of ((ii)) before continuation to the downside.
Price made 5 waves down move from peak of $1800, suggesting that it might start the impulse of wave 3 (blue). On a smaller timeframe, price currently is doing a correction ABC at least in 3 waves before more downside to be seen.
Gold suggest wave 2/B (blue) ended at peak of $1800. On the hourly, price made decline looks to be in impulsive move suggesting one more low to complete 5 waves down before a pullback in 3 waves at least to happen.
Price might be developing in an Ending Diagonal pattern since the internal structure of wave i of C, ii of C, and iii of C, seems to be moving in 3-3-3 waves which suggest this could be and Ending Diagonal structure.
The Elliott Wave sequence for Gold suggests wave (ii) has been completely resolved at the $1769 high with the internal structure formed as the WXY Corrective Wave from the $1750 low.
The price is expected to resume decline soon towards $1734 to complete this entire Expanded Flat Correction ABC structure from the $1781 peak.
Price looks to be forming an Expanded Flat Correction ABC on the hourly timeframe which wave (B) of (ii) suggest to end at the low of $1750 in 3 waves. Expecting price to rise in 5 waves for wave (c) of (ii) before contunuation of the move down towards $1733.
Price moved in 3-3 waves structure which Wave (B)(black) suggest it ends at peak of $1780 and anticipating 5 waves down to complete wave (C)(black) of (B)(red) before going up in 5 waves to complete the whole ABC structure from the low of $1721.
Just plotting for future reference and also identified a potential Gartley harmonic pattern that could be completed as Wave W before coming down as Wave X for retracement and another 3 waves up for Wave Y.
Price made 3 waves up from the low of $1745 and signaling it is yet another corrective 3 waves in form of wave X and soon a decline to be seen in another 3 waves towards $1739 - $1734 before continuation up to complete wave (C) (red)
The move down from $1770 ended in 3 waves at the low of $1745 but however it missed the 100% fib extension and we could still be looking for a double correction in the form of WXY towards $1739 - $1734 before the continuation up to complete the whole ABC Corrective Wave structure from the low of $1721.