Elliott Wave View: Further Downside to End Gold Correction
Elliott Wave view of Gold (XAUUSD) suggests the decline from September 1 high is unfolding in impulsive Elliott Wave structure. Down from September 1 high, wave ((i)) ended at $1915.8, and bounce in wave ((ii)) ended at $1973.59. Down from there, wave (i) ended at $1931.90, wave (ii) ended at $1960.14, wave (iii) ended at $1881.87, wave (iv) ended at $1920.02, and wave (v) ended at $1847.90. This completed wave ((iii)) in higher degree. Wave ((iv)) bounce is proposed complete at $1887.29 as a Flat where wave (a) ended at $1877.03, wave (b) ended at $1848.45, and wave (c) ended at $1887.29.
Near term, while below $1973.50, the yellow metal has scope for another low in wave ((v)) of 3, then it should bounce in wave 4 to correct cycle from September 1 high before the decline resumes again in wave 5 of (C) of ((4)). As far as pivot at $1973.50 high stays intact, Gold still can see further downside . Potential target lower is 100% – 123.6% Fibonacci extension from August 7 high which comes at $1752 – $1802. Buyers should be waiting in this area, if reached, for a larger 3 waves bounce at minimum.
Near term, while below $1973.50, the yellow metal has scope for another low in wave ((v)) of 3, then it should bounce in wave 4 to correct cycle from September 1 high before the decline resumes again in wave 5 of (C) of ((4)). As far as pivot at $1973.50 high stays intact, Gold still can see further downside . Potential target lower is 100% – 123.6% Fibonacci extension from August 7 high which comes at $1752 – $1802. Buyers should be waiting in this area, if reached, for a larger 3 waves bounce at minimum.
14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
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.
14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
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.