Gold Futures on the MCX chart is showing a classic Elliott Wave pattern in play. After forming a regular flat correction with a double top near the 99,300–99,200 zone, prices have started to drift lower. The double top structure—combined with the completion of Wave B—suggests that a Wave C decline is underway.
Wave A took the price down to around 90,890, followed by a corrective Wave B that failed to break the previous high convincingly.
The near-term outlook on the 4-hour timeframe remains bearish. I am anticipating five waves down within Wave C, which may take price back toward the previous Wave A low or slightly lower, possibly ending in a diagonal pattern, before a bullish reversal can be expected.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Wave A took the price down to around 90,890, followed by a corrective Wave B that failed to break the previous high convincingly.
The near-term outlook on the 4-hour timeframe remains bearish. I am anticipating five waves down within Wave C, which may take price back toward the previous Wave A low or slightly lower, possibly ending in a diagonal pattern, before a bullish reversal can be expected.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Nota
Gold Spot (XAUUSD) is forming a textbook bear flag after a sharp ABC decline, likely acting as Wave X within a larger WXY correction. A break below the channel may trigger Wave Y, aligning with the MCX Wave C bearish setup.Nota
Update:Price has bounced toward ₹98,500, which might mark the completion of Wave 2 of the anticipated Wave C decline. As long as price remains below ₹99,214 (the Wave B high), this bearish count stays valid.
If ₹99,214 is breached, the structure is invalidated, and the move may instead signal the start of a bullish sequence. For now, I continue to track this as a potential 5-wave impulse within Wave C.
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.