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GOLD and FTSE100 Intraday: Elliott Wave Analysis

On Gold we were tracking a five wave fall last week from 1296 that might have already found a bottom and complete the pattern at latest low that we see it as fifth wave. As such, recovery may extend much higher in this week, especially if we get an impulsive rally back to 1296. In that case we will turn bullish on gold for a larger degree.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

FTSE100 is making a pullback now as rally from August lows appears to be a completed five wave move. The reasons recently more support line that suggests a minimum three wave set-back to former wave iv. Stocks in UK are down because of Scottish referendum so we may see some negative divergence compared to US markets.

FTSE100 1h Elliott Wave Analysis

FTSE100 1-Hour Elliott Wave Analysis Chart

 


 

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