Upwards movement has unfolded exactly as expected.
One of the remaining two hourly Elliott wave counts was invalidated.
I will continue to consider all possibilities. I have a new idea today.
Some upwards movement to 1,215 was expected before this strong downwards movement. That did not happen.
I had expected another green candlestick for Wednesday’s session which is not what happened.
The Elliott wave count at the hourly chart level has changed again, but the picture at the daily chart level remains the same.
I have confidence in the overall expected direction.
Upwards movement was expected, along with a strong increase in upwards momentum. This is not what happened. Price is moving sideways to complete a small red candlestick for Monday’s session.
I have taken some time to try and see an alternate Elliott wave count which would expect more upwards movement.
The main hourly wave count was correct. Price did not move as low as the target at 1,137, but it did reach the minimum at 1,148.96. Thereafter, strong upwards movement was expected for the first two hourly wave counts, although the target at 1,179 – 1,183 was met and passed by $10.71.
A green candlestick was expected for Thursday which is exactly what we have. The Elliott wave count remains the same. Now there is more structure to analysis within this current wave I can give you a clearer picture of what to expect next.
Downwards movement was expected for both the main and alternate hourly Elliott wave counts.
Downwards movement continues as expected. The target has been passed. The Elliott wave count remains the same.
Sideways movement was not expected as most likely. The alternate wave count has increased in probability.
Yesterday’s technical analysis of Gold expected a little more upwards movement, with a fourth wave correction along the way. Price moved slightly lower and sideways. The Elliott wave structure is incomplete and the wave count remains the same.
Further sideways movement indicates a nine wave triangle is unfolding. It looks incomplete. The confirmation and invalidation points can now be moved closer together, reducing risk and increasing reward.