Gold Alternate Count (Bearish Trade Setup) Elliott Wave Analysis
In the last update I shared my view that Gold should rise up for the 5th Wave to complete the circled Wave 3 which it has.
Alternate count in Green.
However at this point it seems that either that Wave 5 is a Truncated 5th or that it is Wave B of a Flat correction.
This is all evident to the fact that the double bracketed Wave 5 looks more like a 3 leg up.
Hence short positions can be initiated below 1257 keeping stops above the current swing high of 1264.
Expect min, target 1251.82 and 1244.61 or even lower.
I will update further as this market progresses.
Alternate count in Green.
However at this point it seems that either that Wave 5 is a Truncated 5th or that it is Wave B of a Flat correction.
This is all evident to the fact that the double bracketed Wave 5 looks more like a 3 leg up.
Hence short positions can be initiated below 1257 keeping stops above the current swing high of 1264.
Expect min, target 1251.82 and 1244.61 or even lower.
I will update further as this market progresses.
Note
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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.
Unmatched 80% plus forecast accuracy for 6 years : 50eyes.com/forecast-accuracy/
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
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.