Note: This is not going to be a mid-term bullish wave for gold
hey traders
In this Elliott-style analysis scenario, after the termination of the NeoWave triangle with a E-wave bottom of $1,810, a fast upward leg brought the price of gold to $2,150, which is most likely the start of a pattern of the same degree as the terminated Elliott triangle, and this Accelerator leg is the first arm of the new pattern. After that, the price entered a bearish downward pattern, which in my opinion is a diametric pattern, and now we are at the end of the F-wave, one degree lower than this pattern, the limit of which is indicated in the chart, and the expectation of the start of G-wave and the last downward wave From this pattern, we have that the limits of the G-wave are also specified in the chart. If this scenario is active on gold, after the end of G, we expect a high-momentum movement and the price will reach the range of 2400 to 2500 dollars.
The chart display is in cash-data mode and the candlestick and price action analysis will be posted in the next post. Also, be sure to view the Bitcoin analysis and its rise prediction in the previous analysis.
In this Elliott-style analysis scenario, after the termination of the NeoWave triangle with a E-wave bottom of $1,810, a fast upward leg brought the price of gold to $2,150, which is most likely the start of a pattern of the same degree as the terminated Elliott triangle, and this Accelerator leg is the first arm of the new pattern. After that, the price entered a bearish downward pattern, which in my opinion is a diametric pattern, and now we are at the end of the F-wave, one degree lower than this pattern, the limit of which is indicated in the chart, and the expectation of the start of G-wave and the last downward wave From this pattern, we have that the limits of the G-wave are also specified in the chart. If this scenario is active on gold, after the end of G, we expect a high-momentum movement and the price will reach the range of 2400 to 2500 dollars.
The chart display is in cash-data mode and the candlestick and price action analysis will be posted in the next post. Also, be sure to view the Bitcoin analysis and its rise prediction in the previous analysis.