• 526 days Will The ECB Continue To Hike Rates?
  • 526 days Forbes: Aramco Remains Largest Company In The Middle East
  • 528 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 928 days Could Crypto Overtake Traditional Investment?
  • 932 days Americans Still Quitting Jobs At Record Pace
  • 934 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 937 days Is The Dollar Too Strong?
  • 938 days Big Tech Disappoints Investors on Earnings Calls
  • 939 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 940 days China Is Quietly Trying To Distance Itself From Russia
  • 941 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 945 days Crypto Investors Won Big In 2021
  • 945 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 946 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 948 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 948 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 952 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 952 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 953 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 955 days Are NFTs About To Take Over Gaming?
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

GOLD Elliott Wave Technical Analysis

Last Elliott wave analysis of Gold expected one more downwards wave of about $27 in length before the upwards trend resumed. This is not what happened. Movement above 1,284.99 invalidated the hourly wave count.

Summary: Minor wave A may be close to completion. Upwards movement should continue to a target at 1,330.

XAU/USD Chart - Daily
Larger Image

Gold is still within a large fourth wave correction at primary wave degree which is incomplete.

Primary wave 2 was a rare running flat. Primary wave 4 is unlikely to be a flat correction because it is likely to show structural alternation with primary wave 2.

This wave count expects primary wave 4 is a huge triangle. The triangle is now within the final wave of intermediate wave (E) which should subdivide as a zigzag.

Intermediate wave (E) is most likely to fall short of the (A) - (C) trend line. It may also overshoot this trend line, but that is less common.

Within the zigzag of intermediate wave (E) minor wave B may not move beyond the start of minor wave A at 1,240.51.

So far within primary wave 4 intermediate wave (A) lasted 43 days, intermediate wave (B) lasted 88 days, intermediate wave (C) lasted 53 days and intermediate wave (D) lasted 56 days. Intermediate wave (E) may last a total of about 43 to 56 days. So far it has only lasted 11 days.

XAU/USD Chart - Hourly
Larger Image

Minute wave iv was complete. I had labeled this downwards movement as a five wave impulse because that is what it looks like, and impulses are the most common Elliott wave structures. The only complete corrective structure which fits for that wave is a very rare triple zigzag. The rarity of triples means I did not consider that possibility, and that is the problem with rare structures. You never expect to see them based on probability, and only label them so once all other options are eliminated.

Invalidation of yesterday's hourly wave count with movement above 1,284.99 indicated minute wave iv had to be over and the upwards trend for minor wave A had resumed.

With minute wave iv complete minute wave v upwards is showing strong momentum, typical of fifth waves in commodity markets.

Minute wave v would reach 1.618 the length of minute wave iii at 1,330.

Within minute wave v minuette wave (iii) would reach 4.236 the length of minuette wave (i) at 1,325.

Within minuette wave (iii) subminuette wave iii is just 0.77 short of 6.854 the length of subminuette wave i.

When minor wave A is complete then I would expect a few days to a couple of weeks of very choppy overlapping downwards movement for minor wave B. Minor wave A may end within one or two more days.

 


This analysis is published about 05:13 p.m. EST

 

Back to homepage

Leave a comment

Leave a comment