Downwards movement continued a little further as the main Elliott wave count expected, but fell 8.69 short of the target.
Price continued lower.
Two short term pictures with a clear price point which differentiates them are presented today.
Downwards movement fits the alternate Elliott wave count, which was expected to have a lower probability.
Low probability does not mean no probability; when low probability outcomes do occur, they will never be expected as what was most likely. That is the nature of probability.
A small inside day closes green. Upwards movement overall fits with expectations for the main Elliott wave count.
A larger range day moves price overall higher, which fits expectations for the main Elliott wave count.
A signal from On Balance Volume at the end of this week now offers support to the main Elliott wave count at weekly and daily time frames.
Strong upwards movement fits the main Elliott wave count. This was expected to show up sometime this week or early next week.
I recorded the process of trying to find a short term bearish Elliott wave count for Gold.
Members may find this video illuminating regarding possible Elliott wave structures.
Friday moved price a little higher. The main Elliott wave count remains correct so far.
The hourly chart in last analysis expected a pullback for the short term, which is currently unfolding.
Upwards movement continues overall as the main Elliott wave count expects.
Both the main and alternate Elliott wave counts remain valid.