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Gold Spot / U.S. Dollar
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GOLD (XAUUSD) - ABC of the bigger (B) - 30m Chart

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According with my main Indea of the big ABCDE into the Cycle's Wave 4 I think that we stay into the relative (B) of wich the green inner ABC may be a potential path. Also looking at the potential Bat Pattern that is forming. I will look at the marked levels for a reversal up to 1880 - 1910 area.
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The main idea here:
GOLD (XAUUSD) - The giant correction ABCDE - daily outlook.
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closer view: snapshot
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I dont like how it is developing this that should be a "C" wave.
I mean, a "C" usually is not so slowly, so my dubt right now is that maybe we are in a wave 2 of a 5 drive up, like this: snapshot
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Btw, the above shape would be really strange in a logic of a correct count. Indeed the most logically correct (admitting that the previous counts are correct), would be this: snapshot
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Looks good so far: snapshot
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snapshot Well, i think that the BAT pattern has failed to the completition and the possibile count of 5 drive waves down (above) is not more valid. What i can count is another formation of 3 waves (not 5), made by a double ABC bounced off at 1831 (I was expecting 1829 as min level). So this could means that we are in another 3 3 3 3 formation, that should means another 3 drive up and not a 5 waves. In this view right now, the max upside move that i see would be at 1858, max 1871. This would means that the big B in wich we are is another abcde formation and not an ABC (in wich i was expecting a move up for the C at 1880 - 1910), that might be no more valid.
fra978
ABCBatEconomic CyclesElliott WaveGoldLONGshort

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ABCBatEconomic CyclesElliott WaveGoldLONGshort
fra978

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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.