Time for the Gold furnaces to cool...?
Elliott Wave analysis is amazing for understanding WHERE we are in the trading lifecycle... and they are excellent for precise entries when used on the shorter time frame.
Here we're looking at the WEEKLY chart which shows a very interesting correlation between Leg One and Leg Five of this move higher.
We already know that the way to anticipate the expected move for Leg 5 is to measure the height of Leg 1 and transpose that to the end of Leg 4 and this chart shows that we're at the point where these two legs match perfectly. In addition, the latest move to the highs has been met with LOWER volume. All things considered - (RSI, Stochastics etc...), the Long term chart would suggest that we're reaching the end of the upward momentum FOR NOW! I would consider trimming or closing longs here and let's look for the potential ABC correction before the continuation of this move higher.
LIKE and FOLLOW if you think this analysis is useful for you.
Here we're looking at the WEEKLY chart which shows a very interesting correlation between Leg One and Leg Five of this move higher.
We already know that the way to anticipate the expected move for Leg 5 is to measure the height of Leg 1 and transpose that to the end of Leg 4 and this chart shows that we're at the point where these two legs match perfectly. In addition, the latest move to the highs has been met with LOWER volume. All things considered - (RSI, Stochastics etc...), the Long term chart would suggest that we're reaching the end of the upward momentum FOR NOW! I would consider trimming or closing longs here and let's look for the potential ABC correction before the continuation of this move higher.
LIKE and FOLLOW if you think this analysis is useful for you.
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