GOLD longer term analysis (Bullish)
Gold has had a strong uptrend since puting in a low of $1040 which preceeded to an impulsive wave structure to the upside with a 5 wave structure evident; a clear 3 wave structure can be seen in Micro Wave 2 before a strong Micro Wave 3 occured to the upside which was the largest and most impulsive wave of the Micro degree thus following the elliot wave rules whereby wave 3 cannot be the smallest wave in an impulse. The Miniscule Wave 5 was an extremely extended wave which can explain why a truncated Micro Wave 5 occured. Interestingly, a similar fractal can be observed in the Micro Wave 5; whereby similariliy an ending diagonal structure occured (overlapping waves) with an extended wave 5 occured much like the previous mentioned Sub Micro Wave 5 withing the Micro Wave 3 occurence. The Micro 4th wave appears to be a truncated WXY correction down, before a truncated/ double top at the $2075 region occured.
In terms of time since the Micro cycle completed, price has only been correcting for a short period of time relative to the impulse therefore it is unlikely that gold can make a new high without correcting for a substantial time relative to the Micro degree cycle to form a Wave 2 bottom of a larger Minor Degree Wave where much higher prices can be anticipated in a Minor Wave 3. From the Micro Wave 5 top, price has come down in 5 forming an A wave and a likely B wave corrective structure has occured and a C wave down can be expected.
There are some key levels to look out for in terms of a C wave bottom using fib retracenment, fib extensions and also general support levels.
fib retracement: 0.5 - $1562 0.618 - ~$1450
fib extension of A wave: 0.618 - $1560 0.786 - $1504 1 - $1422
Support levels: $1532-$1555 & extremely key $1450 & 1350
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I will post lower time frame analysis on gold
In terms of time since the Micro cycle completed, price has only been correcting for a short period of time relative to the impulse therefore it is unlikely that gold can make a new high without correcting for a substantial time relative to the Micro degree cycle to form a Wave 2 bottom of a larger Minor Degree Wave where much higher prices can be anticipated in a Minor Wave 3. From the Micro Wave 5 top, price has come down in 5 forming an A wave and a likely B wave corrective structure has occured and a C wave down can be expected.
There are some key levels to look out for in terms of a C wave bottom using fib retracenment, fib extensions and also general support levels.
fib retracement: 0.5 - $1562 0.618 - ~$1450
fib extension of A wave: 0.618 - $1560 0.786 - $1504 1 - $1422
Support levels: $1532-$1555 & extremely key $1450 & 1350
Please like and follow for more Elliot Wave Analysis
I will post lower time frame analysis on gold
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