Hello fellow traders in this technical blog We’ll take a quick look at GOLD’s Elliott Wave graph, published in the members section of the site. As our members know, GOLD is cyclical correction from the most recent 2069 peak. GOLD ( $XAUUSD ) has made a pullback with the Elliott Wave Zig Zag pattern. We expect GOLD to find buyers at the extreme zone from peak 05. /24 in additional text We will describe Elliott wave patterns and forecasts.
Before we look at the real market example. Let’s first explain that Elliott Wave Zigzag.
Elliott Wave Zigzag is the most popular correction style in theory. Elliott Wave is made up of 3 swings structured within 5-3-5. The inner swing is labeled A,B,C where A =5 wave, B. =3 waves and C=5 waves, meaning that A and C can either be impulsive or diagonal. Waves A and C must satisfy all conditions structured as 5 waves, for example: RSI divergence between wave segments, ideal Fibonacci extensions. and reversing the ideal
at the chart below We will see how the Elliott Wave Zig Zag pattern looks in the real market.
GOLD H1 London Update 06.01.2022
GOLD pulls us back to the low of 1786.4. The recovery has reached its peak from the top at the area. 1833.8-1814.9 And we expect to finish the red X soon. We assume that the pullback is unfolding as an Elliott Wave Zig Zag pattern, meaning that both legs A and C must have 5 wave structures. We can count 5 clears into the red leg. We are calling for another lower margin push within the marked reversal area. However, we do not recommend selling it. We know the extreme has been reached and the minimum number of swings has been reached. Turning can happen at any time.
GOLD H1 New York Update 06.01.2022
GOLD started showing reaction from the marked zone and we counted X red connector completed at 1827.7 low. Now we have to further break from the level mentioned and break through W red high : 05/24 to confirm the bullish. The next one is in the process.
GOLD H1 NEW YORK UPDATE 06.03.2022
We have split the higher and break of the 05/24 peak, confirming that the next uptrend is in progress, GOLD can still be supported in the near term 1828.04 pivot hold.
Keep in mind that the market is dynamic and the perspectives presented may change from time to time. You can check for the latest updates in the members area of the website. Remember that not every chart is a trading guide. The best tools to trade are those that have an incomplete sequence of up and down swings. We put them in the Sequence Report and the best among them are displayed in the live trading room. You can check the latest charts in the members section of the website.
