GOLD "XAUUSD" CORRECTIVE CYCLE IS YET TO BE COMPLETED
I have posted a series of analyses on GOLD in the last few weeks forecasting a bullish run in the longterm but seems the bears are not giving the bulls a chance.
Here we go again as I'm looking at Gold from a fresh perspective after last Friday's sell-off.
The GOLD corrective structure in wave 4 is becoming more complex. The visible count for the correction right now is a triple ZigZag Elliot Wave pattern.
The retracement which is most likely to be completed within the blue zone that lined up with 50% Fibonacci retracement of wave 3 rally, and wave (iv) low of one lesser degree.
This is a critical level to defence the bears and any move lower that breach wave 1 high @ $1348.0/oz will invalidate wave 4 idea.
Another Elliot Wave Principle that's guiding this retracement is called alternation.
The guideline stated if wave 2 corrective structure is shallow and simple in nature, then wave 4 will be complex and deeper.
In Gold case, wave 2 is a simple zigzag and retraced 38.2% of wave 1, and so we're anticipating wave 4 to retrace 50% in a complex and time-consuming triple zigzag pattern.
NOTE: This bearish bias on gold will most likely drag bitcoin price lower, as explained in the video I published on Sunday.
What's your view on Gold, Bearish or Bullish longterm?
Thanks for reading!
Veejahbee.
Here we go again as I'm looking at Gold from a fresh perspective after last Friday's sell-off.
The GOLD corrective structure in wave 4 is becoming more complex. The visible count for the correction right now is a triple ZigZag Elliot Wave pattern.
The retracement which is most likely to be completed within the blue zone that lined up with 50% Fibonacci retracement of wave 3 rally, and wave (iv) low of one lesser degree.
This is a critical level to defence the bears and any move lower that breach wave 1 high @ $1348.0/oz will invalidate wave 4 idea.
Another Elliot Wave Principle that's guiding this retracement is called alternation.
The guideline stated if wave 2 corrective structure is shallow and simple in nature, then wave 4 will be complex and deeper.
In Gold case, wave 2 is a simple zigzag and retraced 38.2% of wave 1, and so we're anticipating wave 4 to retrace 50% in a complex and time-consuming triple zigzag pattern.
NOTE: This bearish bias on gold will most likely drag bitcoin price lower, as explained in the video I published on Sunday.
What's your view on Gold, Bearish or Bullish longterm?
Thanks for reading!
Veejahbee.
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