Downwards movement for a pullback was expected for Friday’s session. A lower low and a lower high is the definition of downwards movement, and this is what was seen for Friday.
Price continues to move lower towards the target as expected.
An inside day for Friday’s session leaves both Elliott wave counts valid. Classic technical analysis may assist to determine whether the main or alternate Elliott wave count is correct.
Downwards movement ended 1.58 below the first target. A breach of the small channel on the hourly Elliott wave chart indicated a trend change, which was expected.
Slightly higher movement from Gold for Friday’s session fits the main Elliott wave count.
Price continues to bounce up off support at the lower trend line.
Downwards movement was expected, which is what happened. Friday’s session made a lower high and a lower low, the definition of downwards movement, although the candlestick closed green.
Resistance will be used to see where price may turn. Fibonacci numbers are used for duration and parallel channels are used for confidence in a turn.
An upwards day was expected for Friday’s session, which is what happened.
The main Elliott wave count expected a green daily candlestick for Monday, which is what has happened.
More downwards movement was expected to 1,333 – 1,330.
Friday’s low was 1,327.67.
A little upwards movement to about 1,328 was expected for Monday.
Price moved higher to 1,328.04.
A five up completed and is being followed by a three down. The daily Elliott wave count and targets remain the same.
Upwards movement continues as expected for Gold.