240409 Gold
Gold has been very strong the last couple of weeks and it may very well just continue but I want to share my wave count (which I hope is following the rules of Elliott wave correctly).
I believe we are in a very strong irregular wave B of an ABC for the wave 4 on the weekly & monthly TF. The wave B itself is a WXY formation. One argument against this idea is that if gold indeed is in an ABC correction for a wave 4 this correction is very long in terms of time that it will take in comparison to the wave 2 on the weekly & monthly TF. However, I do see a lot of three wave moves even in this bullish move up to new all time highs. Still, looking at the extensions (up to 123% is still acceptable for an irregular wave B and for the WXY extension) a turn down for the wave C is possible.
The alternative is that gold is already in a wave 5 and is going to end its bullish cycle once the uptrend comes to an end which could be around 2523$.
I believe we are in a very strong irregular wave B of an ABC for the wave 4 on the weekly & monthly TF. The wave B itself is a WXY formation. One argument against this idea is that if gold indeed is in an ABC correction for a wave 4 this correction is very long in terms of time that it will take in comparison to the wave 2 on the weekly & monthly TF. However, I do see a lot of three wave moves even in this bullish move up to new all time highs. Still, looking at the extensions (up to 123% is still acceptable for an irregular wave B and for the WXY extension) a turn down for the wave C is possible.
The alternative is that gold is already in a wave 5 and is going to end its bullish cycle once the uptrend comes to an end which could be around 2523$.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.