#Gold is in a declining pattern that appears incomplete. Here are 2 models we are following closely.
1. A decline in wave (iii) of ((c)) [flat pattern; shown above] - targeting $3,120
2. A decline in wave iii of (ii) [leading diagonal; shown below] - targeting $3,220-3,240
Both models imply the current decline is not over.
FLAT PATTERN
The flat pattern subdivides as a 3-3-5 ((a))-((b))-((c)) pattern. The decline appears to be in the latter stages of this pattern, wave ((c)).
This wave needs to unfold as a motive 5-wave pattern...it appears we are in the 3rd wave decline so a couple of more trends lower. The flat targets $3,120.
LEADING DIAGONAL
The leading diagonal is a motive pattern labeled i-ii-iii-iv-v. The leading diagonal pattern is already complete and now a partial retracement lower of the diagonal is underway. This partial retracement likely carries to $3,220-$3,240.
Under both scenarios, once they are complete, a strong rally is likely to follow. However, the downtrends need more price and time to develop so the rallies are on hold for the moment.
1. A decline in wave (iii) of ((c)) [flat pattern; shown above] - targeting $3,120
2. A decline in wave iii of (ii) [leading diagonal; shown below] - targeting $3,220-3,240
Both models imply the current decline is not over.
FLAT PATTERN
The flat pattern subdivides as a 3-3-5 ((a))-((b))-((c)) pattern. The decline appears to be in the latter stages of this pattern, wave ((c)).
This wave needs to unfold as a motive 5-wave pattern...it appears we are in the 3rd wave decline so a couple of more trends lower. The flat targets $3,120.
LEADING DIAGONAL
The leading diagonal is a motive pattern labeled i-ii-iii-iv-v. The leading diagonal pattern is already complete and now a partial retracement lower of the diagonal is underway. This partial retracement likely carries to $3,220-$3,240.
Under both scenarios, once they are complete, a strong rally is likely to follow. However, the downtrends need more price and time to develop so the rallies are on hold for the moment.
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
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.