We have a clear 5th wave in progress.
The 5th wave will complete the A-B-C zigzag, where wave C is a slightly less aggressive slope than wave A, as is usually the case for a Elliott zigzag
Blue Line from wave 2-4 cloned and placed atop wave 3 shows the end of wave 5
Wave 5 / Wave C end near the 100% extension of wave A
The end of blue line for wave 5/C ends Feb...
We are in the middle of a 5th wave of what I'm anticipating as a zig-zag. The ending of the 5th wave will be Wave A, then a 3 wave down toward Wave B, and a final wave C; but a .618 extension of Wave A and not 100% extension. The Corrective zig-zag pattern is correcting the previous down wave beginning Jun 2021 and ending Sep 2022.
Red box waves A-B-C are my...
In this zigzag corrective pattern (still in Wave C), we fell through the .618 Fib at $25,955 pretty fast. In addition, we have a long wick from May 12 2022 hanging at that price level too. It's very plausible we will revisit that price level again before a major correction down.
Also, from the bottom up using Nov-22 low-high-low fib extension, Fib 8 at $25,364 is...
Gold is approaching 1.618 reverse fib and 1.18 fib extension near the same area of $1924 - $1927
Since Gold blew through Fib 1 at $1893, we should see a retracement toward this at a minimum.
if $1925ish doesn't hold, $1958 then $1998 are the next area of retracements or take profits if you are holding longs.
$1925 could be an area to burn time/pause.
2 Elliott...
LLY is running in to the top of the very long trendline starting in 2013.
Watch for resistance near $395 and $428. $428 will have significant reaction to the downside.
Current price at $370 has probable cause to take a pause maybe toward $334 before resuming the upward trend toward $428 Fib level of 55
