Gold Spot
If we attempt to measure with Elliott's wave theory the gold price rise, we could say that the (5) wave of the 5/ wave is bounded in the region of 2450.
This is because when we have an extension of the 3/ wave, then probably the 5/ wave is equal to the 1/ wave.
So, if our measurement is accurate, the 4/ wave has ended with an acute correction in the region of 50% in Fibonacci ratios, and it lasted 51 months, unlike the 2/ wave whose correction was flat in the region of 74% in Fibonacci ratios, and it lasted 239 months.
An analysis will follow at a shorter timeframe.
This is because when we have an extension of the 3/ wave, then probably the 5/ wave is equal to the 1/ wave.
So, if our measurement is accurate, the 4/ wave has ended with an acute correction in the region of 50% in Fibonacci ratios, and it lasted 51 months, unlike the 2/ wave whose correction was flat in the region of 74% in Fibonacci ratios, and it lasted 239 months.
An analysis will follow at a shorter timeframe.
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The negative element is the triple top and the million-dollar question is whether it will afford to break it, combined with the fact of the negative divergence at the two peaks of the DPO indicator.Nota
Gold Spot : Weekly timeframe analysisNota
Gold Spot: DailyNota
In a flat correction abc we do not expect wave c to spread beyond wave a (at least not much). Nota
Alternative idea: long position after 1935 area breakoutNota
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Alternative scenario based on triple top.....Nota
If this scenario prevails, which is very likely, then we will see this precious metal, after a big bullish run since 1978, enter a deep correction and when this happens, we see it go deep, up to 61.8% from the top, which is in the 710 to 820 area.Nota
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In short term: Crucial price 1955Nota
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Dagangan ditutup: sasaran tercapai
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Wave b/ has probably ended and wave c/ has started to unfold (?):Nota
This scenario seems to be emerging ....Nota
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In case the FED and the ECU have completed the cycle of interest rate hikes, then the correction in Gold will be deeper.Nota
As the wave 2 unfold, the a/b/c/ correction seems to be a sharp correction. That makes the target of the 3rd red arrow verry possible (AB=CD=100%) Nota
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An ABC potential reboundNota
It seems that bulls are back again. Invalidation was broken up. Long positions with tight stop loss are suggested.
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.
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.