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)
Movement down from peak of April 2021 looks to be in 5 waves. Possibility for another leg down towards $19000 could still happen to complete the ABC Corrective Wave from peak of April.
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.
Elliott Wave update for Gold shows the proposed price has completed 5 bearish waves from the $1770 peak and ended at the low of $1755 level to settle as wave A (blue) and the proposed wave B (blue) has ended at the $1761 peak with the internal structure formed as Expanded Flat Correction. After, price has made a decline for wave (i) of C which ends at the low of...
One potential Cypher harmonic pattern has been identified. Currently from EW view, price looks to be making a pullback to the upside and potentially could end the retracement to this Cypher pattern before continuation to the downside.
On a smaller timeframe, price looks to be making a 3-3 waves structure with Wave (A) ended at low of $1749 and Wave (B) at peak of $1764 and anticipating it as Expanded Flat Correction ABC before another move up towards 1780 to complete WXY Corrective Structure.
Gold finished off 5 waves down movement with wave 5 being in Ending Diagonal pattern. Pullback currently trying to finish as 5 waves of Wave A. Still have 2 more legs upward before we see continuation to the downside.
From peak of 3rd September, Gold looks to be ended 5 waves down which end at low of $1737. Which mean price is making a 3 waves bounce. As long as price stays below $1833 peak, price still can make 7 swings WXY Correction higher before turning down for Wave (3) Alternate view would be that Wave (1) ended at the low of $1742 and Wave (2) already ended at the peak...
From previous analysis, price suggested that Wave 2 (red) ended at the peak of $1808 with internal structure formed as Expanded Flat Correction ABC. Breaking $1682 low, will open up extension towards $1600 - $1520.
Gold is still possible to make double correction from the top of August 2020 considering DXY has not meet the minimum extension from the low of Jan 2021 towards 93.78 - 96.40.
Price suggest that it has made 3 waves correction ABC from the low of 20th august. Wave (A) of (X) ended at the peak of 1.3746 and wave (B) of (X) ended at the low of 1.3679 with internal structure formed as Flat Correction. Wave (C) of (X) suggested ended at peak of 1.3890 with 4hr candlestick formed as Bearish Engulf and hourly candlestick as Three Black...
Seems like price is consolidating and looks to be in a triangle pattern which could be within a Wave (B) or a Wave (iv). After 12 days of consolidation back in June after FOMC data were out, Gold price yet to give frustrations to traders in another triangle mode since 7 days ago.
Price broke above peak of 6th July but in 3 waves which can be concluded that price did Wave B of an extended flat correction that might be in play here after a 3 waves upward movement from the low of 29th June to complete Wave (W). Price to be expected to do 5 waves down move from the peak of $1818 to complete this Wave C of (X) before continuing upward movement...
On the higher timeframe onmy previous analysis, price has broke out from the triangle wave ((iv)) and now has made 4 waves down and anticipatin another one more wave for new lower low for 5 waves to complete wave 5. Here identified a bullish harmonic pattern that could complete the 5 waves down from the triangle breakout. Refer to my previous triangle analysis to...
Price seems to be still in range and suspecting wave E still not done yet and probably one more higher high than peak of A for a SL hunt before the real drop to come towards 1760-1745.
Price seems to be making movement in a triangle pattern and here we can conclude price is within wave ((iv)) and we will see another drop to complete 5 waves from 1st June peak before making a bigger pullback in 3 waves at least towards $1818.
From peak of 1st June, price looks to complete 3 waves down in zig zag formation ABC Correction that ended at $1844. Expecting price to make a 3 waves pullback now and also to retest broken trendline that been drawn since low of March for Wave (X) before making 3 more waves down to complete Wave (Y) towards $1818.