MINOR RETRACEMENT BEFORE MAJOR BUY (ELLIOT WAVE)
MAJOR TIMEFRAME
For Gold we can note that we are in a corrective movement for the completion of WAVE 4. The corrective structure unfolding seems to be a FLAT. Within that FLAT structure we seem to be in its 3rd and final leg as we have already completed the 3 wave for the 1st leg and 3 wave for the 2nd Leg. The final leg should unfold in a 5 wave movement as FLATS are Structured as (3-3-5).
MINOR TIMEFRAME
Based on the major timeframe analysis, we deduced that we are in the final leg of the FLAT which will unfold in a 5 wave movement down. within that 5 wave movement we are currently completing the 2nd Wave which seems to be unfolding as a triangle. Within that triangle we are in its Final leg as well which is LEG E. I am anticapting a Zigzag structure For LEG E. Within that zig zag structure we seem to have completed its first leg 5 wave movement followed by the 2nd leg 3 wave movement. Therefore we are expecting the final leg of the zig zag to unfold in a 5 wave movement up. Within that 5 wave movement we are currently waiting to complete wave 2 before shooting up for Wave 3 followed by a small retracement for Wave 4 before finally completing the triangle for The semi major WAVE 2.
ENTRY
Throughout next week I'll be looking for a Buy at the early week followed by a sell to complete wave 2 of the Zig zag before buying big for Wave 3 and probably holding that until it touches my trendline above indicating the complete of my zigzag subsequently triangle and subsequently Semi Major Wave 2
My analysis would be invakud if price breaks below the start of Wave 2 @ approx 1805
For Gold we can note that we are in a corrective movement for the completion of WAVE 4. The corrective structure unfolding seems to be a FLAT. Within that FLAT structure we seem to be in its 3rd and final leg as we have already completed the 3 wave for the 1st leg and 3 wave for the 2nd Leg. The final leg should unfold in a 5 wave movement as FLATS are Structured as (3-3-5).
MINOR TIMEFRAME
Based on the major timeframe analysis, we deduced that we are in the final leg of the FLAT which will unfold in a 5 wave movement down. within that 5 wave movement we are currently completing the 2nd Wave which seems to be unfolding as a triangle. Within that triangle we are in its Final leg as well which is LEG E. I am anticapting a Zigzag structure For LEG E. Within that zig zag structure we seem to have completed its first leg 5 wave movement followed by the 2nd leg 3 wave movement. Therefore we are expecting the final leg of the zig zag to unfold in a 5 wave movement up. Within that 5 wave movement we are currently waiting to complete wave 2 before shooting up for Wave 3 followed by a small retracement for Wave 4 before finally completing the triangle for The semi major WAVE 2.
ENTRY
Throughout next week I'll be looking for a Buy at the early week followed by a sell to complete wave 2 of the Zig zag before buying big for Wave 3 and probably holding that until it touches my trendline above indicating the complete of my zigzag subsequently triangle and subsequently Semi Major Wave 2
My analysis would be invakud if price breaks below the start of Wave 2 @ approx 1805
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