Gold has extended it's gains well above
1300 mark in the last few weeks from 1251, triangle low. Notice that we have
adjusted the wave count but actually massage is the same; we see a corrective
advance from 1181 moving into 1345/50 resistance. We are observing a zigzag
with a triangle placed in wave (b). We also know that wave (b) pattern CANNOT
be labeled as wave two, because triangles never occur in wave two position. So
we believe that rally is a contra-trend and that gains will be limited.
However, before we can confirm a bearish reversal we need an impulsive
structure to the downside. In other words, we need five wave decline back to
1300 area.
GOLD 4h Elliott Wave Analysis
Written by www.ew-forecast.com
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