Quick update on the un-clear, non-decisive situation. The chart is messy, but we have Green or Red paths. Either the correction is done, or has one more leg down.
This is a common dilemmna point in Elliot Wave methods. Is the drop so far an ABC or a 12345? if latter, are all 5 done? And is a bounc here a wave 4 of 5 down? or 1 of 5 going back up?
It is Friday morning UK at time of this post. We could very well stay in range until next week. Or, another US/China/Trump newsbite could hit.
My bigger picture view indicates $1450 needs testing. I think the previous low of $1459 on Oct 11th will break. If for no other reason than to take out stops just below.
As usual, my EW paths are just GUESSES, based on no new info hitting the market. But the Zones are SOLID, and no matter of the news, they WILL cause reactions.
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Previous Gold Analysis (click): <= Still Plausible <= Awesome Short <= Just in Time <= Caught the Jump <= To the Penny <= To the Penny <= 9 mos ago
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Initial rejection from the red 2.618 but now might be holding that support below. I did expect a stronger bounce, but maybe it will launch again off this support ....
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Clinging to support here we might get a bounce here. But I dont think it will be a big one unless Trump says something good about China....
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So it looks like we wil end the week resting on the support ledge just above my target No idea what might happen over the weekend, but the way it came down to that zone tells me it is likely to fall through and hopefully bounce from my zone. I will have some fine tuned zones for next week based on these overnight moves.