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Wave2

XAUUSD Elliot Wave Forecast - ZigzagPlease see linked idea below. A wave 2 correction is typically in the form of a Zigzag (5-3-5) thus the final Wave C subdivision should consist of a 5 wave structure as depicted in the chart. Sub division breakdown: Wave (3) was shorter in length from Wave (1) which indicates that the final Wave (5) will be shorter than Wave (3). There is a possibility that Wave (4) is not yet complete and could further extend lower than today's low towards 1824. A move above 1843.24 will rule this out. I hope you found this useful, do leave your thoughts in a comment below. As always, a 'like' and 'follow' provides encouragement to share further ideas. Thank you for taking the time. BeyondEdge Your Edge Is Your Perception. Go Beyond.
OANDA:XAUUSDLong
by BeyondEdge
2
XAUUSD Elliot Wave Forecast - Wave 2The chart illustrates a regular flat within the longer term correction which consists of a 3-3-5 wave sequence (A,B,C). Currently unfolding is the subdivision of Wave C which began from the November high of 1877.14. Wave 2 is typically 38.2%, 50%, 61.8%, 76.4%, or 85.4% of wave 1. Sustained pressure saw an eventual break of the resistance at the 0.618 fib level before halting at the 76.4% level. The pull back could extend further to the 85.4% towards 1859 before resuming the final stages of the correction. On the contrary, wave 2 is now potentially complete. I hope you found this useful, do leave your thoughts in a comment below. As always, a 'like' and 'follow' provides encouragement to share further ideas. Thank you for taking the time. BeyondEdge Your Edge Is Your Perception. Go Beyond.
OANDA:XAUUSDShort
by BeyondEdge
4