Gold going for the 5th wave of the 3rd wave (higher degree)
So, I've previously mentioned that Gold has a major cup-and-handle formation (linked to this idea) and that it is a very bullish formation. Price has since broken up and I spent some time to update on the Elliott Wave counts in this analysis.
Here's what I expect Gold price to be for the near term:
1. It will move up for a 5th wave of a higher degree 3rd wave.
2. Then it will experience a 4th wave of a higher degree which should be rangy (since wave 2 is a zig-zag).
3. Then another 5th wave up.
Overall, it is still a very bullish call.
Here's what I expect Gold price to be for the near term:
1. It will move up for a 5th wave of a higher degree 3rd wave.
2. Then it will experience a 4th wave of a higher degree which should be rangy (since wave 2 is a zig-zag).
3. Then another 5th wave up.
Overall, it is still a very bullish call.
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