Gold Mini Last leg of correction Pending
Looking at Gold Mini Daily chart it seem Flat corrective wave WXY is near its completion However if it goes to 43300 5th wave of Wav Y will be completed. As till now it is honoring all criteria of WXY correction Wave.
Last wave is seems to be of 5 wave structure which started from 51785 level. Reason is
wave-1 ended at 48578 and from their wave-2 took retracement at almost 50% upto 49743. and from their wave-3 is exactly at 1.618 of Wave 1 and ended at 44163.
If wave Y it would have been 3 wave structure than it should have corrected less than 1.618 of Wave 1. Hence its a 5 wave move . Considering this Now for wave to complete Ideally it should go to 43300 level which is equal to Wave-1 as per the guidelines of Elliot wave.
It will be confirmed Now if WAVE-4 doesn't go above 46900 which is almost recent high and falls below the current level than we can say it have followed all guidelines and can expect 43300 levels.
Only challenge to above view is RSI is showing Diversion which is a indication of Reversal of trend.
Going further from 43300 level we can expect WXY correction wave completed and can expect a move upto 51900 levels with Highest probability on Daily time frame.
Please comment on my post.
Regards
Profitadda-Iteind
Last wave is seems to be of 5 wave structure which started from 51785 level. Reason is
wave-1 ended at 48578 and from their wave-2 took retracement at almost 50% upto 49743. and from their wave-3 is exactly at 1.618 of Wave 1 and ended at 44163.
If wave Y it would have been 3 wave structure than it should have corrected less than 1.618 of Wave 1. Hence its a 5 wave move . Considering this Now for wave to complete Ideally it should go to 43300 level which is equal to Wave-1 as per the guidelines of Elliot wave.
It will be confirmed Now if WAVE-4 doesn't go above 46900 which is almost recent high and falls below the current level than we can say it have followed all guidelines and can expect 43300 levels.
Only challenge to above view is RSI is showing Diversion which is a indication of Reversal of trend.
Going further from 43300 level we can expect WXY correction wave completed and can expect a move upto 51900 levels with Highest probability on Daily time frame.
Please comment on my post.
Regards
Profitadda-Iteind
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