gold elliott wave count 1600 vs 1621
Updated
gold price first went up when fed said rate has reached neutral
but later in august fed made clear that rate will go above 4% and price collapse again below the last low 1680
but wave count from bottom 1680 to 1802 ended with a ending diagonal pattern before fed confirmation
now wave count from top 1802 to 1621 is ending with its wave Y 100% projection at 1621
so we are expecting that wxy wave is ending at 1621 (100% for wave y), if makes new low than 100% projection for wave (C) is 1607
so our buy zone is 1621 to 1607 from that level we expect counter trend correction at least upto 1676
in Q4 there is good chance speculator will bet again for fed pivot since strong dollar is now hurting one of their biggest trading partner UK
wave count WXY
wave W = sub divided into bule (A)(B)(C)
wave X = sub divided into abcde triangle correction
wave Y = sub divided into bule (A)(B)(C)
wave Y target 1621 and wave (C) target 1607
but later in august fed made clear that rate will go above 4% and price collapse again below the last low 1680
but wave count from bottom 1680 to 1802 ended with a ending diagonal pattern before fed confirmation
now wave count from top 1802 to 1621 is ending with its wave Y 100% projection at 1621
so we are expecting that wxy wave is ending at 1621 (100% for wave y), if makes new low than 100% projection for wave (C) is 1607
so our buy zone is 1621 to 1607 from that level we expect counter trend correction at least upto 1676
in Q4 there is good chance speculator will bet again for fed pivot since strong dollar is now hurting one of their biggest trading partner UK
wave count WXY
wave W = sub divided into bule (A)(B)(C)
wave X = sub divided into abcde triangle correction
wave Y = sub divided into bule (A)(B)(C)
wave Y target 1621 and wave (C) target 1607
Note
Note
Note
taking some profit from 1621 long entry and leaving the restNote
Note
trade completed target zone hit
Trade closed manually
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