Gold - First 1855 then 1800 - Elliot Wellen
Hi everyone!
As you can see we are currently in the correction wave b. Due to the bullish indicator on the hourly MACD, I assume that wave a has already corrected. I also strongly assume that we are dealing with a bull flat with regard to the correction. Everything points to the fact that today or early next week we will reach the area around $ 1,855, where I'll be ready to position my shorts towards $ 1,800. From there, the first wave should start in the direction of $ 1900.
I am looking forward to your feedback!
As you can see we are currently in the correction wave b. Due to the bullish indicator on the hourly MACD, I assume that wave a has already corrected. I also strongly assume that we are dealing with a bull flat with regard to the correction. Everything points to the fact that today or early next week we will reach the area around $ 1,855, where I'll be ready to position my shorts towards $ 1,800. From there, the first wave should start in the direction of $ 1900.
I am looking forward to your feedback!
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Updated Idea above.