Hi Traders,
Gold (now at 1405) initiated a sharp downturn that might drag it down to 1300 and below.
ELLIOTT WAVES
After the low at 5c, the monthly chart staged a 1-2-3-4-5 that seems to be completed. Consequently, Gold could start a downturn to the 1300 area.
This 5 waves pattern looks like a large Wave 4 of a downtrend. In this pattern, the first 4 legs are made out of 3 smaller waves and the last wave (wave 5) is made out of 5 waves.
All this religiously happened: see weekly and daily charts. NOTE: a further confirmation is provided by the Gann "throw over", that occurs where wave 5 shoots through the upper boundary of the wedge. See the daily chart.
The 4-hours chart displays the reverse pattern at 55C5.
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Gold (now at 1405) initiated a sharp downturn that might drag it down to 1300 and below.
ELLIOTT WAVES
After the low at 5c, the monthly chart staged a 1-2-3-4-5 that seems to be completed. Consequently, Gold could start a downturn to the 1300 area.
This 5 waves pattern looks like a large Wave 4 of a downtrend. In this pattern, the first 4 legs are made out of 3 smaller waves and the last wave (wave 5) is made out of 5 waves.
All this religiously happened: see weekly and daily charts. NOTE: a further confirmation is provided by the Gann "throw over", that occurs where wave 5 shoots through the upper boundary of the wedge. See the daily chart.
The 4-hours chart displays the reverse pattern at 55C5.
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hours chart. Click to enlarge
