I'm expecting a hit to resistance and move down to complete giant diagonal, this is probably how we will spend 2022 here..
This is the Daily TF overview of pricing structure and projection. (You can find my previous analysis for H1 TF in Related Ideas)
Long time after its' inception, GBPJPY seems like finally trying to stand up. It won't be easy to break decades long Bearish Bias. But we will start to see stong bulls gathering in the upcoming weeks, months... And considering JPY is a safe-haven, think about the inflation awaiting us :)
Measuring the rally to see how next episodes could unfold. Currently 3rd wave's ending extension is happening. It will end up with double-top h&s formation, then we'll look for #4. if #3's extension will complete at 61.8% or lower, then #5 strongly possible can suggest 10K for the final range.
Measuring in daily TF, just ruler & guideline for swing-traders. Taking 0-1-2 as base for measuring 3-4-5. (Sorry, removed the previous one as it said to be Daily TF but published mistakenly in Weekly)
3rd Wave has extended 276.8% and this overextension did not leave room for 5th to reach its' own targets. Limited it with 100% of 1st Wave. I don't expect HH despite nice bull attacks happening, it's sell until 78-79$.
Probably this 2089$ attack of gold has happened due to Covid-19 extremity, drifted it from the oval route. Upper extremity usually follows with lower extremity for equilibrium state and back to route as well, market is balancing itself. In longer run it is extremely Bullish as expected. (Some of you could hate the idea, but it's perfectly fitting with EW & Fibo...
When applied with measurements, it seems like CHFJPY has One Last Bullet.
Hello Traders, if we'll measure 1676-1916 ample as 1st Ample after (C) correction, then what could we expect for optimal (1,*3*,5) third wave. Here I've tried to illustrate it.
Major Cycle 1, completing with a leading diagonal.
The Millennial Bull Rally seems having a contractional ending when counted in logarithmic scale. When measured, forming -IV- require 1435$ and the -V- will hit 2257$ to end the bull rally. just noting...
I think the Gold is currently seeking basement for starting 5th wave. In such pricing structure, we will probably hit 3k +/- on the (B) wave of the correction. Starting from 1977 until today, it is showing the Gold's super-cycle is nearing to its' end. It will gradually decline until 1400$ levels within next 20-25 years from the last movement.
Here I'd like to share my idea of "How" Gold could start correcting to #4'th Wave. Current correction scheme is fitting to Double Three counting as well, check the Related Idea for it please. Let's see how the price will unfold.
Two similar corrections at similar stages of their trend maturity in comparison
I think it's a nice large scale Triple-Three correction sample what is going on with Gold since Aug2020.
After Triangle, there should be a platform & reverse H&S. The Head part of reverse H&S generally formed with a double bottom, which we did only one yet. The second one probably is "Loading..." now. Just in case.
#ElliottWave It's a birdview projection of Gold's millennial cycle through elliott-wave perspective, it's to provide you with an insight for seeing waves from a familiar PoV. timing won't match the chart, but keep checking for the patterns and levels.
The long expected double-dip might be laying ahead, which will pave the roads of 2K. I'm still expecting 2400$ within this year.