Gold/XAUUSD Monthly Elliott Wave Count
"Gold, historically speaking, is one of the anchors of economic life, with a sound record of achievement. It has nothing more to offer the world than discipline." - Elliott Wave Principle by Frost and Pretcher
EWP is considered flawed, due to it's subjective nature.
I disagree. However, I am not here to sway opinions. Here is my count.
I believe that price is currently forming an extension of the 5th wave, as a Diagonal.
EWP is considered flawed, due to it's subjective nature.
I disagree. However, I am not here to sway opinions. Here is my count.
I believe that price is currently forming an extension of the 5th wave, as a Diagonal.
I am now of the opinion that WAVE 2 (Blue), of the extended diagonal, should be marked at the AUGUST LOW of '2018 @ 1160.
This makes more sense:
- We immediately get a "motive" like response from this price.
- It gives more time for the reatracement of wave 2 (Blue) to form. (Retracments are known to take significantly more time to conclude than their preceding motive wave.)
- If we were to take a Fibonacci Retracement tool from the conclusion of Wave 4 (Black), to the conclusion of Wave 1 (Blue) high, we would see that the orthodox ending of Wave 2 (Blue), fits perfectly between the "Golden Ratio" of .50%-.61.8% retracement zone.
(Refer to EWP by Frost & Pretcher for details)