Price has moved sideways and remains above the invalidation point on the hourly chart. The correction is taking a little longer than expected.
More sideways and upwards movement was expected. An outside day which closed higher fits expectations.
The invalidation point on the daily chart was breached indicating a trend change.
A downwards day, which was expected as most likely, followed the blow off top.
Upwards movement continues and price has remained within the upper half of the channel on the hourly chart, which was expected at this stage.
Trading advice is given to members to manage long positions towards the end of this week.
An upwards breakout was again expected, but price remains range bound.
Price moved strongly higher exactly as the Elliott wave count expected for a third wave up. Targets remain the same.
Price has moved overall higher as expected from the main hourly Elliott wave count in last analysis.
Another upwards day sees the main and alternate Elliott wave counts switched over.
What is now the alternate Elliott wave count still remains viable. It illustrates the risk today to trading based upon the main Elliott wave count.
Gold has had a trend change. How high this next wave goes and what structure it takes will indicate which Elliott wave count at the monthly chart level may be correct.
A small inside day fits the preferred expectations for Gold, but all Elliott wave counts still remain valid. Targets remain the same.
The main Elliott wave count was invalidated with a new low below 1,204.05, and the target at 1,203 was inadequate for the alternate Elliott wave count.
The main Elliott wave count expected downwards movement and the alternate expected upwards movement.
A new high above 1,283.63 has favoured what was yesterday’s alternate wave count.