Idea for long term gold based on Elliot Wave theory; fib lines; and supply/demand areas.
Elliot wave analysis shown above would create a C wave the same size (~31%) as the A wave. This would be complete a large wave B (after the complex correction that accounted for a large wave A).
The target of $1480-$1520 is a strong supply area and gives reason to sell, potentially prompting a dramatic fall signalling wave C and moving down towards a lower target of <$900.
Elliot wave analysis shown above would create a C wave the same size (~31%) as the A wave. This would be complete a large wave B (after the complex correction that accounted for a large wave A).
The target of $1480-$1520 is a strong supply area and gives reason to sell, potentially prompting a dramatic fall signalling wave C and moving down towards a lower target of <$900.
Commento:
Commento:
Seems to have completed the first leg of the 3rd wave; and now a return towards the trendline and EMAs is needed - which correlates with a needed bounce on the dollar
Seems to have completed the first leg of the 3rd wave; and now a return towards the trendline and EMAs is needed - which correlates with a needed bounce on the dollar
Commento: