We’re currently monitoring what appears to be a textbook Elliott Wave 1-2 structure, with Wave (2) bottoming near $3,293. Price has since pushed up and consolidated above the 0.5–0.382 retracement zone, holding firm at key EMAs and structure.
🔍 Key Technical Highlights:
Wave (1): Clean impulsive structure.
Wave (2): Corrective decline finding strong support at $3,293.
Current consolidation suggests accumulation before potential Wave (3) breakout.
Confluence of Fib extensions & upper trendline project Wave (3) towards $3,484, aligning with the -0.27 extension.
🧠 What I’m Watching:
Break and retest of the $3,400–$3,415 level (0.236 Fib) to confirm bullish continuation.
Holding above $3,372–$3,390 (the golden pocket and 0.5/0.382 zone) is key to maintaining the bullish bias.
A clean break below $3,353 invalidates this immediate structure.
📈 Bias: Bullish
🎯 Next target: $3,484
⛔️ Invalidation: Break below $3,350
💬 Let me know your thoughts. Are we about to ride Wave 3, or will gold give us one more dip before lift off?
🔍 Key Technical Highlights:
Wave (1): Clean impulsive structure.
Wave (2): Corrective decline finding strong support at $3,293.
Current consolidation suggests accumulation before potential Wave (3) breakout.
Confluence of Fib extensions & upper trendline project Wave (3) towards $3,484, aligning with the -0.27 extension.
🧠 What I’m Watching:
Break and retest of the $3,400–$3,415 level (0.236 Fib) to confirm bullish continuation.
Holding above $3,372–$3,390 (the golden pocket and 0.5/0.382 zone) is key to maintaining the bullish bias.
A clean break below $3,353 invalidates this immediate structure.
📈 Bias: Bullish
🎯 Next target: $3,484
⛔️ Invalidation: Break below $3,350
💬 Let me know your thoughts. Are we about to ride Wave 3, or will gold give us one more dip before lift off?
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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.
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.