GOLD - Higher Timeframe Overview... BIG Moves Coming!
Elliott Wave Theory adheres to the following schematic regarding impulsive moves:
Wave 1 - is made up of 5 subwaves (impulse or leading diagonal)
Wave 2 - Is a corrective wave made up of 3 waves (correction)
Wave 3 - is another impulse wave made up of 5 subwaves (impulse)
Wave 4 - is a corrective wave made up of 3 waves (correction)
Wave 5 - Can be either an impulse or a correction - But its made up of 5 waves[/I]
Monthly
Using the above schematic, we can see that on the monthly timeframe we appear to be in wave 3 = made out of 5 subwaves. We are currently in subwave 5, which also follows the impulsive schematic (has 5 waves). See below for monthly chart and the cheat sheet where we've identified where we are in the monthly EW schematic:
Weekly
On the weekly chart, we are in wave 3, subwave 4 correction. We're watching for the completion of wave 4 within the fib zone, where we'll be looking to buy.
We're still a few weeks away from the buy zone so we will be looking for lower timeframe short setups to take Gold down into our buy zone where we'll be looking to load up for the next big swing!
See our last higher timeframe analysis below. Played out beautifully!
The last time we identified a big swing on a higher timeframe, we absolutely killed it on lower timeframe and caught almost every single wave! See below:
What do you guys think?
Goodluck and as always, trade safe!
Wave 1 - is made up of 5 subwaves (impulse or leading diagonal)
Wave 2 - Is a corrective wave made up of 3 waves (correction)
Wave 3 - is another impulse wave made up of 5 subwaves (impulse)
Wave 4 - is a corrective wave made up of 3 waves (correction)
Wave 5 - Can be either an impulse or a correction - But its made up of 5 waves[/I]
Monthly
Using the above schematic, we can see that on the monthly timeframe we appear to be in wave 3 = made out of 5 subwaves. We are currently in subwave 5, which also follows the impulsive schematic (has 5 waves). See below for monthly chart and the cheat sheet where we've identified where we are in the monthly EW schematic:
Weekly
On the weekly chart, we are in wave 3, subwave 4 correction. We're watching for the completion of wave 4 within the fib zone, where we'll be looking to buy.
We're still a few weeks away from the buy zone so we will be looking for lower timeframe short setups to take Gold down into our buy zone where we'll be looking to load up for the next big swing!
See our last higher timeframe analysis below. Played out beautifully!
The last time we identified a big swing on a higher timeframe, we absolutely killed it on lower timeframe and caught almost every single wave! See below:
What do you guys think?
Goodluck and as always, trade safe!
Want more chart ups like this? Click the links below:
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