Still believe we are Bullish. This is a crucial area right now on both Daily & Weekly timeframes. Finally the Bullish trendline was broken which in my opinion is a good thing. Currently have finished a minor "C" wave down to end this running correction (Wave 2). Need to see a good push up now to break the (2) (4) trendline of this minor "C" wave for some kind of...
Believe we are Bullish again. Appears to me the Wave 2 has ended with an ABC correction. The minor Wave 1 is complete and again we are correcting. Looking for a move down to the 1242.5 area before we proceed upwards.
Normally a corrective retracement would come back and test the last high, but in this scenario I don't believe that will happen. In the bigger picture on this chart "Wave 1" appears to be a Leading diagonal (Really sloppy) "Wave 2" is a long drawn out complex correction ending in a Triangle. Now we are in the minor "Wave 2". This should be a good battle between...
I don't think this correction we are currently in will retrace very deep. Looking at roughly 38.2% of this first wave up at the 1250.00 area. Typically the wave 2 is a simple zig-zag. The Bull appears to be Strong.
Currently believe we are in a minor 4th wave correction with more to the upside. Looking at the 1254.00 area before we head south to the 1241.00 area for a minor Wave 2.After that we can gain some momentum for a minor Wave 3 @ the 1300.00 mark.
Still believe this market is very Bullish. Looking at the 1232 to 1233 area for this current correction to end. After that we need a strong move up to verify this Bullish movement. A strong break of the Purple trendline would say that all this analysis is incorrect.This last move up is similar to the move before it, 1 wave being the longest with the 5th wave the shortest.
Sound like a broken record (Repeating itself over and over again) But am excited, with "Elliot Wave" forecasts can change quite quickly. With this new information am now extremely "Bullish" with Gold. Nobody is 100% correct with analysis but for now it looks Bullish. (Could change quite quickly). Don't believe price should go below the "2" wave. Has yet to really...
Am strongly bullish. Appears this ABC correction could possibly be complete. The "C" wave looks like it could be an "Ending Diagonal" with 5 pushes down. Would have liked to have seen a test of the bullish trendline but I don't think it is going to happen (Too strong). If this analysis is correct we need to see a violent move up (fast & furious) with high Volume....
I strongly believe we have to break this bullish trendline (yellow) before we can presume forward. After much analysis am looking at the 1206.00 area. Appears to be a complex correction (simulating an ABC) Looking for a 5 wave move down to finish this correction.
Currently looking for a corrective move down to the 1203.00 area for Gold. If this price holds believe we could move upwards to the 1300.00 area. Believe Gold is bullish but also corrective. Although not really trending up or down some still nice oppurtunities to make some pips.
Currently believe we are Bullish in Gold but now due for a Correction. If analysis is correct am looking for a 5 wave move down to end a "C" wave plus a larger "B" wave. Roughly at the 1206.00 area. Looks quite Bullish as this correction would be an "Expanded flat" or a running correction. If this happens we could get an extremely strong move Up. (The "C" wave or...
Appears to me this correction upwards is complete. Looking for a 5 wave move down.
After taking another look at this move upwards I believe it is complete. A complex correction ending with an ABC (Flat). Looking for a substantial move "South"
Currently believe we are in a minor "B" wave which appears to be complete. Am now looking for a 5 wave move up in Gold to finish a larger zig-zag.If this does move up will be paying close attention to the 1261.00 area. After that another move down.
Although the short term trendline for Gold has been currently broken we still believe there is one more move to the upside. Looking for a consolidation for a minor "X" wave (Perhaps a symetrical triangle) Once this is finished another 3 wave move up to the 1254.00 area. If gold looks weak at this point we are looking to short.
Currently we have a nice potentially 5 wave move up. Appears to me the 4th wave is complete and we are at the beginning of the 5th wave. Looking for a correction to the 1189.00 area before this proceeds upwards. The 3rd wave is 1.618 of the 1st wave. This last wave looks strong and could perhaps be the extended wave. Strong Bull for now.
Currently believe this last leg down is complete (A complex correction to make an "A" wave ending with a triangle) Now looking for a larger correction upwards (the "B" wave) So far it appears the A is complete (ABC) and now the B wave is upon us. We should get a shallow retracement to the 1164.00 area. After that we should continue upwards to the 1259.00 area...
Currently believe this move up will end shortly. Looks like an ABC with an expanding "C" wave Diagonal. Then more to the downside. Bear Trap