Elliott Wave Analysis On GOLD And AUDUSD
Gold is still in recovery phase, resembling a triangle pattern. It is now trading in last stages of the triangle pattern in wave (e). Price in wave (e) could move towards 1080-1084 area, before turning to the downside into black wave 5.
The same goes for S&P500, where price is trading in a traingle pattern, which now looks completed. That said more upside could follow in sessions ahead.
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Basic Triangle Pattern :
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