Elliot Waves - GOLD

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I would love for you to see the more detailed analysis i did from yesterday including detailed explanations of Elliot Wave paths on different time frames and alternate options for price to move this upcoming week.

Thanks and happy trading guys!!

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1.This current wave 4-5 could end at the position/length of wave 0-1, creating a sort of "double bottom" appearance.
OR
2. It could travel 1.618 - 2.618, meaning that it could pierce directly through the neckline.
I think if you're looking at it from the perspective of big traders and money managers needing to get more contracts filled to maximise their profits on the way down then they will go for option 1 (Please see the link i posted for full analysis and explanation).
Option 2 seems too easy to see from the naked eye and the contracts look pretty balanced at the moment for long/short positions, hence not enough contracts for them.

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Once again please like and follow if you like my work :) <3

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4 hour view:

If price supposedly continues on it's Elliot Wave path and breaks the Head&Shoulders Neckline then that thick red line going down is the MINIMUM distance that price will travel.
If that's the case then the projected wave II-III will surpass the 1.618 projected Fibonacci level and continue past with a likely next level of 2.618 to complete wave II - III. It could go further and end up to 4.618 if it wants. However this level of 2.618 coincides at the extremes of the blue Triangle on the weekly/daily chart.
the Elliot path that i drew is the most likely and standard Elliot path for it to take. It can have it's own take on things however and end at different points/lengths.

Price will most likely reject off the triangle again like it has many times in the past and begin it's correction which is a correction of a 1-2 before beginning it's grand cycle of wave 2-3 which will break down below the triangle once and for all.

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Entry 2

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Possible short position.

Let's look in closer. Very possible for a short setup here.

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Position also coincides with a 38.2% Fibonacci

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Another entry point at E if you wish to enter with very tight stop.

Trade active

2 Safer Take Profit Zones. Price may pierce through the 4hr Head & Shoulders neckline with an extended wave. Higher probability of price bouncing up and rejecting off the Neck & Shoulders neckline, but you never know :)

Option 1: Take Profit 1.
Option 2: Take Profit 2.
Option 3: HOLD.

However 1294.10 is a relatively safe spot if you wish to increase the likelihood of the trade remaining active.

If you see my wave analysis, it has a HIGHER PROBABILITY and explanations (key word: probability) then it might reject off the neckline.

If you like my analysis, please like and follow me :) I would really appreciate it!

Please click the above links to read more on my explanations and Elliot Wave analysis.

This short position could be incorrect. I've given a probable setup in my eyes.

Happy Trading!! :D

Trade active

Trade still valid with 1294.10 stop loss. (see comment)
Not too late to get in!

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Take Profit #1: Target Met

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Highly possible that wave 4-5 as ended (equaled the same length as wave 0-1) Therefore if that's the case, price is rejecting off and breaking a trendline. I believe this could be the start of the ABC correction. However please be wary that there are core U.S data being released in 5 minutes and in 1 and a half hours.
Let's see how price reacts from here.
Set tight stop losses and STRICT risk MANAGEMENT.

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Two Things i see happening here:
1. Price is still correcting in wave 4 via a triangle.
2. Price will break right through here and continue down as the Wave 2-3 didn't reach it's intended Fibonacci Projection.

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Better Triangle:

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hyryda

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hyryda