AnalyseMarchandisesGold: Favoring Three Waves Correction Up Then Resuming Downtrend

Gold: Favoring Three Waves Correction Up Then Resuming Downtrend

Hello Traders

I will make an update about gold

we did A wave with 5 impulse down, as you can see wave 4 wave triangle breakout then gold made a massive rally to 1968 high on Friday.

From Elliottwave perspective, breaking out from triangle means it’s wave 4 formati0n, and we made a low @ 1925 which is wave 5. When we make 5 waves down, we should make 3 waves correction up that can extend to 2004 & 2020+/- fib levels. Confirmation a break above 1985 wave 4 growth level. The correction phase will be ABC also as wave B green, followed by final leg down as wave C that should be lower than 1925. Bearish correction can extend to 1917 1907 1870 psychological levels.

Invalidation for this scenario a break above historical high.

For time being, this is my favorite scenario. Should any change take place, I will make an update ASAP.

Trade safe, manage your risk properly.

Enjoy your weekend.

TradeItAnyway58
TradeItAnyway58
Majed Mazeh. Technical analyst with over 8 years experience in Forex. Elliottwave and price action expert and CMT candidate.
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