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.
Price has moved sideways to complete a very small inside day. The analysis is essentially unchanged.
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.
A short, quick downwards wave was expected for Thursday’s session. A red daily candlestick fits this expectation.
Yesterday’s Elliott wave and classic technical analysis expected some sideways / upwards movement for Thursday, which is exactly what happened.
Price has found resistance right at the trend line on the daily chart.
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.
More downwards movement is very close now to the second target, which was at 1,240.
The first target for downwards movement has been met.
Upwards movement was expected for Friday.
Price moved sideways to complete a small inside day and a green candlestick.
Upwards movement was expected for Tuesday’s session but did not happen.
Price moved lower but remains above the invalidation point.