Updated

Gold - Wait for dust to settle first and beware of fake-outs !

This is the count I've been following for the last year now were we have a bullish triangle for wave B. Usually in triangles, price goes up and down around 61.8%/78.6% of the previous wave but here wave E is only a bit more than 38.2% but it's still valid. Now, if we see a sustained rise above 1347 at first then 1365, we can consider the triangle as complete.

But, if we see price go below 1322, I'll consider wave E as not yet over and we should see price go down more - or - alternatively, we are in a bearish triangle with blue wave A being the first wave of the pattern which would then take price much lower than 1150.

So, because we are still in a battle zone here, we need to be cautious and not make any wrong entries.

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Gold - 1H - Looks like we might be only in wave 4 of this bullish impulse and could see at least a 3 waves drop or something a bit more complex (before resuming higher ?).

ElliottWaveBelgium

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ElliottWaveBelgium

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