GOLD (XAUUSD) - The giant correction ABCDE - daily outlook.
Updated
After months of closely observation of these big corrective moves on Gold, we can assume that we are almost in the ending of the complex structure. Looking at the whole structure in its internal movements, its looks like a giant ABCDE (3-3-3-3-3 corrective waves structure) in wich we are in the last one (the "E"). This chart will be use as monitoring the last decisive moves. You can see my other 2 ideas (linked to this) in wich I'm counting every internal move with Elliott Waves.
Comment
Comment
I think The big "A" is completed at 1803 made by 5 drive waves down and now is making the "B", this might be only the relative, inner (a) of this second bigger leg up: Comment
Comment
progression of the main idea: Comment
The above inner count was wrong, we might see a 3 3 5 as 3 drive B wave up to 1880 - 1910 levels made by something like this: Comment
May are we into this path? 
Comment
Well, i think that the BAT pattern (the above path) has failed to the completition and the down leg is completed at 1831.
What i can now count is another formation of 3 waves and not 5 waves how I was expecting (for a regular ABC), made by a double inner abc bounced off at 1831 (I was expecting 1829 as min level).
So this could means that we are in another 3 3 3 3 formation, that would form another 3 drive (again not 5 waves up so).
In this perspective, right now, i can't see 1900 levels for the completition of the big B and the max upside that i see now would be at 1858, max 1871.
This would means that the big B in wich we are maybe another ABCDE formation, so, not an ABC (in wich I was expecting a move up for the inner C at 1880 - 1910), that might be no more a valid possibility into this count.
So, pratically, this could be the final shape of the giant ABC for the big E if the B is what I just explained:
Comment
Ok, another change of view. :D This count would makes a sense in all the relative subcounts: Comment
Well, I have to come back of two days ago and reconsider that count (posted above here of two steps):This is the actual path:
In the yellow one I see 3-3-3-3-3 waves (each made by relative 3 inner waves).
So i can also assume that the big B is done with the max 1874 (not anc ABC like i was expecting with a max around 1900, but an ABCDE).
And so, accordly with this: the white path would be the A (made by 5 waves), yellow, would be the B (completed).
Are we already in the beginning of C with the wave 1 of 5?
Possibile? Yes it is. Lets see.
Comment
Nope, was not that :(Comment
Ok, i think we are already entered in the last big C down that should extend to 1740 - 1680 target area. The C might be formed internally by 5 waves drive, this would be the count: Comment
I think we are inside the last of 5 waves down to 1738 into an extended wave 5: Comment
Trade active
Maybe the final shape of the 5 waves (with the idea of the extended 5) down into the bigger C with all the subcount: According to this, we are again into the subwave 4 before the last move down.
After that i would expect a strong bounce up.
Lets ride!
Comment
here the potential entire shape of the last big ABC (3 3 5): Comment
watching closely at 5 min: Comment
above that red area price might goes to 1812 - 20 areaComment
The above count of inner wave 4 is not more valid: Comment
New potential valid count to drive the price to targets (admitting the idea that we haven't bottomed yet): Comment
We are entering in strong buy territory: Comment
We got this count as a valid one at the moment: Comment
Closer view of the inner subcounts in this move down: Trade closed: target reached
TP REACHED!GOOOOL!!!!
Comment
Comment
Just to close this comments with the whole view after 4 months: Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.