During the potential global market recession in the next 1 year, gold can be one of several options for investment to hold. we will see gold pushing high to the $1600 or even the $1750 region as well. Beside the fundamental stats that show us a heaven in gold, the elliot wave is looking impressive too.
Talking about elliot wave analysis, we can't separate is with psychological factor in the market. we have seen a frustating market consolidation since 1980 - 2004 and I will classify this phase as the 2nd wave which form a flat pattern of correction. And based on the elliot wave rules and guidelines, If the wave 2 forms a flat pattern that usually is more complicated, the wave 4 must be more simple than wave 2. Therefore, I assume this wave 4 as a simple zigzag.
The next assumption is about where will the correction ended. Looking at the previous wave 2 which retrace at the 78.6 fib retracement, therefor I will assume that wave 4 will retrace Not more than 78.6. and based on this rules and guideline, it moves align with confluence zone at golden pocket and 1.1 fib extention.
2020 will be bullish at the beginning of the year, but reaching the end of 2020, the great depreciation of gold will likely to happen.
Talking about elliot wave analysis, we can't separate is with psychological factor in the market. we have seen a frustating market consolidation since 1980 - 2004 and I will classify this phase as the 2nd wave which form a flat pattern of correction. And based on the elliot wave rules and guidelines, If the wave 2 forms a flat pattern that usually is more complicated, the wave 4 must be more simple than wave 2. Therefore, I assume this wave 4 as a simple zigzag.
The next assumption is about where will the correction ended. Looking at the previous wave 2 which retrace at the 78.6 fib retracement, therefor I will assume that wave 4 will retrace Not more than 78.6. and based on this rules and guideline, it moves align with confluence zone at golden pocket and 1.1 fib extention.
2020 will be bullish at the beginning of the year, but reaching the end of 2020, the great depreciation of gold will likely to happen.
