Gold at the verge of a bullish move; Elliott wave analysis?
The recent bearish move in Gold has seen price almost recovered the last gains. I think there is more room for price to rally further as the current dip looks corrective - a zigzag pattern. The last wave of the zigzag is a clear diagonal pattern. I am expecting a strong bullish move to break above the last high. If this wave count is correct, an even stronger impulsive bullish wave would be seen at least an a-b-c bullish correction.
If there is a breakout, my entry price will be 1281/2 and target will be at 1319.
It's important to note price behavior after the breakout and watch the pattern emerging. The zigzag mentioned above could also be a leading diagonal and the breakout rally a minor correction that will lead for more bearish move.
Anyways, I will consider a bullish trade for this and target 1:3 R/R while I adjust my stop loss as price makes new lows if it foes in my direction.
If there is a breakout, my entry price will be 1281/2 and target will be at 1319.
It's important to note price behavior after the breakout and watch the pattern emerging. The zigzag mentioned above could also be a leading diagonal and the breakout rally a minor correction that will lead for more bearish move.
Anyways, I will consider a bullish trade for this and target 1:3 R/R while I adjust my stop loss as price makes new lows if it foes in my direction.