Gold, W1 - Elliott Wave Structure still ahead of us?
It seems that the price of gold ended the five-wave upward impulse, which began in August 2018. This impulse wave could last until early March 2020. In turn, the potential target for a fifth wave also does not seem accidental, because this is the upper limit in the main upward trend channel. Meanwhile, its lower limit has already been broken.
Hence, it is possible that since the price of gold could move according to Elliott's wave theory, then a large three-wave ABC correction may await us. Then the potential wave B may be similar to wave 4, and wave C may go down to potential support at USD 1359.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Hence, it is possible that since the price of gold could move according to Elliott's wave theory, then a large three-wave ABC correction may await us. Then the potential wave B may be similar to wave 4, and wave C may go down to potential support at USD 1359.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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