Gold seems to be now tracing out an expanding diagonal for wave Y as shown on the chart. In an expanding diagonal wave 3 is greater than wave 1 and wave 5 is greater than wave 3, hence if correct I expect gold to reach above the 1300 level and into the target zone. Good Luck
הערה
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Gold is currently in the b wave of wave 5. When complete the c wave should push Gold above 1301
Dec.Gold Futures at 1275 show a Descending Wedge Pattern going back to Sept.
with the technical expectation of an ultimate upside resolution in the next couple weeks,
potentially timed around the Fed Meeting on Dec.13.
I am bearish on Gold right now, and the Gold Futures Chart shows the potential for a $60 Decline
to 1200, if Gold were to ultimately break 1260, from the 1320 high in Sept.
I am interested in your Elliot Wave Interpretation of Gold right now, as I have seen your work pinpoint precise turning points previously.
And on a side note, the DOW is still going Parabolic, not quite as bad as bitcoin but close.
Parabolic moves ultimately do not end well.
I hope all is well with you,
THE_UNWIND
Geofftv1
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@The_Unwind, Nice to hear from you again, I will take a look at GOLD waves again and get back to you. I took profits myself at 1297 and sold my ETF holdings
as to be honest GOLD still seems to be going sideways. The guys at EWI are not posting any wavecount on GOLD at the moment which is interesting being
that they are the experts. Regarding the DOW I note that both long term trendlines from 2011 and 2016 were broken last Friday and I am waiting to see if the DOW moves
back downwards through them before I have another short in play.
Geofftv1
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@The_Unwind, Here is my current chart on GOLD which actually meets the original chart I published back in July. If correct GOLD is in a large triangle!
SandiAlexiz
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11/26 11pm EST: Thank you for the update! 11/27 is last day to trade Dec Gold options. I noticed on Friday a lot of contracts rolled over to Feb 2018 already. I guess there will be one last push up before the long-awaited correction, unless b wave has to go all the way back down to blue channel line before moving above 1301? Uggghhh, since I am still learning, I just have to follow and see how it unfolds. Thanks again for sharing your knowledge.
Dec.Gold Futures at 1275 show a Descending Wedge Pattern going back to Sept.
with the technical expectation of an ultimate upside resolution in the next couple weeks,
potentially timed around the Fed Meeting on Dec.13.
I am bearish on Gold right now, and the Gold Futures Chart shows the potential for a $60 Decline
to 1200, if Gold were to ultimately break 1260, from the 1320 high in Sept.
I am interested in your Elliot Wave Interpretation of Gold right now, as I have seen your work pinpoint precise turning points previously.
And on a side note, the DOW is still going Parabolic, not quite as bad as bitcoin but close.
Parabolic moves ultimately do not end well.
I hope all is well with you,
THE_UNWIND