Before the analysis, feel free to follow me on Instagram for specific questions or additional insights and analyses. https://www.instagram.com/k.waveanalytics/ Gold Elliott Wave Analysis: Wave 4 in a Zigzag Pattern Gold is currently in a Wave 4 on a higher degree, forming a zigzag pattern. Wave B has been completed, and the ongoing movement represents Wave C, where we are now in the final Wave 5. Current Status: It is likely that we are currently in Wave 1 of Wave 5. A pullback to the 61.8% retracement of the current move may occur before the downward momentum resumes. If the price exceeds the short-term target of $2,651.13, an alternative wave count will need to be considered, as this would indicate a possible change in the wave structure. Key Levels and Targets: 23.6% Fibonacci Level: $2,554.94 – This is the first target zone, indicating a moderate extension of Wave 5. 38.2% Fibonacci Level: $2,485.00 – This is often considered a typical target for Wave C within a zigzag pattern. Currently, the price is moving consistently along the projected wave path, with clear impulses pointing towards the key support levels. If downward momentum strengthens, the $2,485.00 level is highly likely to be reached. Risk management is critical in this scenario, as we are in the final phase of the movement. The market structure confirms that we remain in a downtrend as long as no strong bullish signals appear.
It is going sideways. It will continue to go sideways for the next few weeks/months .... until the chart says otherwise. Simply delete all those fibo and wave things from your mind and throw those books into the burning hell in the Mount of Doom.
I don't see it. I caught the short earlier this month but now I'm bullish although price didn't hit the area that I was looking to buy from.
It looks like you (OP) were right. I overlooked something that screamed to me as plain as day that level wouldn't hold.
Yup, OP mentioned it. Although I don't believe it to be a ZZ wave 4. More like a complex corrective wave 4