Hi Traders,
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ANALYSIS
Although I thought that Gold (now at 1323) was going to top at 1333/4, it topped at 1346/7. The next leg should point down, starting with the target at 1236.
ELLIOTT WAVES
The monthly and weekly charts display a large wedge which is an accumulation pattern (a-b-c-d-e). Theoretically, next large wave should tank from now on.
The daily chart and the weekly chart clearly show that the whole set of 5 waves up - from the bottom at d - is religiously in place. These waves formed wave e which topped right now.
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hour chart. Click to enlarge
For those who want to get to the professional level, please check my mentor program.
ANALYSIS
Although I thought that Gold (now at 1323) was going to top at 1333/4, it topped at 1346/7. The next leg should point down, starting with the target at 1236.
ELLIOTT WAVES
The monthly and weekly charts display a large wedge which is an accumulation pattern (a-b-c-d-e). Theoretically, next large wave should tank from now on.
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hour chart. Click to enlarge
