Using Elliott Wave Theory and Fibonacci, I observe that the gold price is currently in wave 4. Rule 3 states: Wave 4 should never enter the territory of wave 1. Additionally, there are guidelines to help count waves more accurately. Unlike the three rules above, these guidelines may be violated. They are:
- Conversely, sometimes wave 5 cannot extend beyond the end of wave 3. This is called truncation.
- Wave 5 often extends or cuts down the trend line drawn parallel from wave 3 with the trend line connecting the start of wave 3 and wave 5.
- Conversely, sometimes wave 5 cannot extend beyond the end of wave 3. This is called truncation.
- Wave 5 often extends or cuts down the trend line drawn parallel from wave 3 with the trend line connecting the start of wave 3 and wave 5.
Note
Note
I think gold is running wave 4.
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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.