I see 5 waves down followed by 3 waves up - a bearish sign for this pair. With a relatively tight trading range the last couple of days, the pair could be getting read for a move.
I am shorting below the low of the rectangle with a stop above wave 4 invalidation.
Looks to me like we may have had a wave 3 of some degree completed and are in wave 4 to the upside. I see several factors that may see price turn around and enter wave 5 at around 1335:
1. This is 0.382 Fibonacci retracement of wave 3
2. At this price, wave c would equal wave a
3. If this price were reached in the ...
Here's my short term Elliot wave count for gold. I think we've just seen a 5-wave move to the downside which I construe as being wave 1 at one higher degree. I think that in the immediate term we'll see a retracement, for which I have several scenarios.
I think that price will most likely re-test the 1350 level, ...