Gold is currently showing signs of developing a contracting Wave 4 triangle, which aligns well with the broader Elliott Wave structure.
After completing Wave (3), price appears to be carving out an A–B–C–D–E formation inside a narrowing channel. Each leg is respecting the internal triangle boundaries, suggesting that bulls are consolidating before the next impulsive leg.
🔍 What I’m Watching
Wave (A) and Wave (C) have already printed, with strong reactions at the lower channel line.
Wave (B) and Wave (D) are forming lower highs inside the internal corrective structure.
Price remains supported by the major ascending channel, keeping the uptrend intact.
A clean Wave (E) touch on the lower triangle boundary would complete the pattern.
🟦 Bullish Scenario
If Wave (E) completes successfully on support and we break above the internal triangle resistance, this can trigger Wave (5), targeting the upper boundary of the long-term channel.
🔻 Bearish Risk
Invalidation occurs if price breaks below the ascending channel support, which would negate the triangle structure and open the door to deeper retracement levels.
📈 Conclusion
The structure favors consolidation before continuation. As long as the ascending channel holds, the bias remains bullish with anticipation of Wave (5) after triangle completion.
After completing Wave (3), price appears to be carving out an A–B–C–D–E formation inside a narrowing channel. Each leg is respecting the internal triangle boundaries, suggesting that bulls are consolidating before the next impulsive leg.
🔍 What I’m Watching
Wave (A) and Wave (C) have already printed, with strong reactions at the lower channel line.
Wave (B) and Wave (D) are forming lower highs inside the internal corrective structure.
Price remains supported by the major ascending channel, keeping the uptrend intact.
A clean Wave (E) touch on the lower triangle boundary would complete the pattern.
🟦 Bullish Scenario
If Wave (E) completes successfully on support and we break above the internal triangle resistance, this can trigger Wave (5), targeting the upper boundary of the long-term channel.
🔻 Bearish Risk
Invalidation occurs if price breaks below the ascending channel support, which would negate the triangle structure and open the door to deeper retracement levels.
📈 Conclusion
The structure favors consolidation before continuation. As long as the ascending channel holds, the bias remains bullish with anticipation of Wave (5) after triangle completion.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.