Gold Alternate Count (Bearish Trade Setup) Elliott Wave Analysis

In the last update I shared my view that Gold should rise up for the 5th Wave to complete the circled Wave 3 which it has.

Alternate count in Green.

However at this point it seems that either that Wave 5 is a Truncated 5th or that it is Wave B of a Flat correction.
This is all evident to the fact that the double bracketed Wave 5 looks more like a 3 leg up.
Hence short positions can be initiated below 1257 keeping stops above the current swing high of 1264.

Expect min, target 1251.82 and 1244.61 or even lower.

I will update further as this market progresses.

Commentaire:

T1 Achieved