GOLD (GC1!) ELLIOTT WAVE ANALYSIS - TRIANGLE PATTERN
CHARTS OF THE DAY
©Master of Elliott Wave: Hua (Shane) Cuong, CEWA-M (Master's Designation).
The context suggests that we are inside a 4-grey wave, as the 3-grey wave ended at the high of 2,801.2.
I see that the 4-grey wave is taking a long time, and is probably getting narrower as time goes on, as well as its subwaves have a lot of Three-waves, which directly suggests to me the idea of a Triangle forming (3-3-3-3-3 or ABCDE).
A closer look suggests that the ((a))-navy to ((d))-navy wave is probably completed, and we are inside a ((e))-navy wave. It will continue to aim for the nearest target at 2,633.8 (Wave ((e))-navy = 0.618 x wave ((c))-navy - this is a fibonacci multiple ratio of subwaves in the triangle pattern). Wave ((e))-navy will develop as a Zigzag.
So, in the coming time, gold may move up with wave 5-grey, but not yet, because it needs more time to complete this Triangle pattern.
While the price must always remain lower than the high of 2,734.2 to maintain the short-term bearish view with the Triangle pattern.
©Master of Elliott Wave: Hua (Shane) Cuong, CEWA-M (Master's Designation).
The context suggests that we are inside a 4-grey wave, as the 3-grey wave ended at the high of 2,801.2.
I see that the 4-grey wave is taking a long time, and is probably getting narrower as time goes on, as well as its subwaves have a lot of Three-waves, which directly suggests to me the idea of a Triangle forming (3-3-3-3-3 or ABCDE).
A closer look suggests that the ((a))-navy to ((d))-navy wave is probably completed, and we are inside a ((e))-navy wave. It will continue to aim for the nearest target at 2,633.8 (Wave ((e))-navy = 0.618 x wave ((c))-navy - this is a fibonacci multiple ratio of subwaves in the triangle pattern). Wave ((e))-navy will develop as a Zigzag.
So, in the coming time, gold may move up with wave 5-grey, but not yet, because it needs more time to complete this Triangle pattern.
While the price must always remain lower than the high of 2,734.2 to maintain the short-term bearish view with the Triangle pattern.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.