Gold/XAUUSD 15min Elliott Wave Count
Updated
I am anticipating this retracement to form a diagonal, then push back to the downside.
- Typically we'll see an explosive Wave 1, with subsequent Waves 3 and 5 becoming shorter.
- It is IMPERATIVE that wave 3 is not the shortest of Wave 1, 3 & 5. If that is the case, the count is wrong.
- It's early, but it's worth noting that wave 5 could truncate (conclude shorter than the orthodox high of wave 3)
- Typically we'll see an explosive Wave 1, with subsequent Waves 3 and 5 becoming shorter.
- It is IMPERATIVE that wave 3 is not the shortest of Wave 1, 3 & 5. If that is the case, the count is wrong.
- It's early, but it's worth noting that wave 5 could truncate (conclude shorter than the orthodox high of wave 3)
Note
I have enough experience in the market to remain speculative of my count, especially when it doesn't feel 100% correct.- Making an adjustment. I think that Wave B (purple) has been counted too early and is actually the first A-retracement of the initial motive wave A (purple)
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