Major DOWN Movement For XAUUSD/GOLD (ELLIOT WAVE)
Gold moved exactly as my previous analysis. Tested 1970 area which was the end of the double tree pattern and then had a sharp 5 wave move down indicating the start of Wave 3. Therefore i believe we are now in Wave 3 in the Major time frame. Within the Wave 3 we are just about to start our wave 1 within it. Therefore we still have a long way to go before hitting our target area.
My target area would be the 161.8% extension of Wave 1 - Wave 2 which is somewhere around 1915 area. That would roughly be the end of Wave 3 followed by a small retracement up for Wave 4 followed by the final Wave 5 to the downside.
However if i am wrong the invalidation level for this setup would be around 1970.90 area.
Good Luck
My target area would be the 161.8% extension of Wave 1 - Wave 2 which is somewhere around 1915 area. That would roughly be the end of Wave 3 followed by a small retracement up for Wave 4 followed by the final Wave 5 to the downside.
However if i am wrong the invalidation level for this setup would be around 1970.90 area.
Good Luck