XAUUSD | Expanded Flat W2 Correction
Updated
My thesis regarding gold is simple—an Expanded Flat correction for Wave 2.
The primary rationale for this determination lies within the retracement on completion of the initial 5-Wave move up on completion of WA. From my perspective, this retracement exhibited insufficient depth to be counted as a W2. Reverting to what I call the Elliott Wave Theory paradox, if it is not a W2, it must be a WB.
Therefore, the following move completed WC of WB, with PA now residing in W1 of WC of an Expanded Flat which is forming as W2.
I expect PA to push to the 1.618 FIB to confirm that the bottom is in before launch.
Safe Trading.
The primary rationale for this determination lies within the retracement on completion of the initial 5-Wave move up on completion of WA. From my perspective, this retracement exhibited insufficient depth to be counted as a W2. Reverting to what I call the Elliott Wave Theory paradox, if it is not a W2, it must be a WB.
Therefore, the following move completed WC of WB, with PA now residing in W1 of WC of an Expanded Flat which is forming as W2.
I expect PA to push to the 1.618 FIB to confirm that the bottom is in before launch.
Safe Trading.
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If you were wondering how this may tie in with DXY, here is my count.DXY Chart:
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I do not think W1 is in yet.Chart:
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