My bullish Elliot Waves Outlook on Gold:
Gold suffered a strong sell-off today September 16th due to technical issues. As we can see, gold has undergone an unprecedented ABC correction that I assume will stop in the areas highlighted in gray. I remain very confident that gold will gain tremendous bullish momentum in the coming weeks. Hence my statement: See this sale as an enormous opportunity. Be critical on this drop, pay attention to the technical pattern and react accordingly.
Keep in mind:
After 5 impulsive waves that lead to major wave one, there always follow 3 correction waves that lead to major wave two. Wave two reacts at least 50% of wave one. We landed exactly on this level. Therefore I assume the bullish trend to continue from the highlighted areas.
Please leave me your opinion.
Raffa from RT
Gold suffered a strong sell-off today September 16th due to technical issues. As we can see, gold has undergone an unprecedented ABC correction that I assume will stop in the areas highlighted in gray. I remain very confident that gold will gain tremendous bullish momentum in the coming weeks. Hence my statement: See this sale as an enormous opportunity. Be critical on this drop, pay attention to the technical pattern and react accordingly.
Keep in mind:
After 5 impulsive waves that lead to major wave one, there always follow 3 correction waves that lead to major wave two. Wave two reacts at least 50% of wave one. We landed exactly on this level. Therefore I assume the bullish trend to continue from the highlighted areas.
Please leave me your opinion.
Raffa from RT
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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.