This is definitely my most bearish thread against the grain so let me explain.
I've been working on a method using elliott wave with fibonacci price and time projections. I'm sure this is not unique but I don't know anyone using the trend based time method I am using and I have backtested it, also with GOLD and it is accurate.
I like to be the early bird and get a prediction in. Who knows, maybe in years down the road I can say I was the first to call this, but its a long road.
There is no bias here. I do not hate GOLD. I am aware of fragility in currencies.
And this is my second GOLD projection. The first is the easier of the two - a standard ABC correction taking price to $1500-$1600 area from which GOLD can begin a new bullish rally.
But price does look very bearish here. Domed tops with no momentum do seem to lead to devastating bear markets.
So this is scenario 2 - Proregressive collapse: Rather than an impulse A and corrective B, price could have completed a Primary Wave 1 and 2. I am marginally siding with this outcome currently. If price continues to collapse in rapid fashion with little bounce then I will lean even more towards this scenario.
If price is becoming motive then I project GOLD will collapse to around $1100 in 2027. That said, there is resistance turned support at $1k and if wave 3 can overshoot a little, price could go deeper and tag support, perhaps even temporarily hit 3 digits.
Not advice.
I've been working on a method using elliott wave with fibonacci price and time projections. I'm sure this is not unique but I don't know anyone using the trend based time method I am using and I have backtested it, also with GOLD and it is accurate.
I like to be the early bird and get a prediction in. Who knows, maybe in years down the road I can say I was the first to call this, but its a long road.
There is no bias here. I do not hate GOLD. I am aware of fragility in currencies.
And this is my second GOLD projection. The first is the easier of the two - a standard ABC correction taking price to $1500-$1600 area from which GOLD can begin a new bullish rally.
But price does look very bearish here. Domed tops with no momentum do seem to lead to devastating bear markets.
So this is scenario 2 - Proregressive collapse: Rather than an impulse A and corrective B, price could have completed a Primary Wave 1 and 2. I am marginally siding with this outcome currently. If price continues to collapse in rapid fashion with little bounce then I will lean even more towards this scenario.
If price is becoming motive then I project GOLD will collapse to around $1100 in 2027. That said, there is resistance turned support at $1k and if wave 3 can overshoot a little, price could go deeper and tag support, perhaps even temporarily hit 3 digits.
Not advice.
Note
Please note: This is a speculative call. DYOR.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
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I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.