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.
In the short term, downwards movement was expected to a target at 1,156 – 1,154. Price moved lower to 1,152 before turning up to complete a green daily candlestick.
Upwards movement was expected for Friday’s session.
An inside day closed green.
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.
Downwards movement was expected for Friday, but this is not what happened.
Upwards movement breached the invalidation point on the main hourly Elliott wave count and was supported by volume.
Upwards movement was expected for Tuesday’s session. This is not what happened.
The hourly wave count was invalidated with a new low below 1,332.74. A multi day pullback has begun a day earlier than expected.
Upwards movement was expected for Friday.
Price moved sideways to complete a small inside day and a green candlestick.
Upwards movement was again expected.
Price has moved sideways to complete an inside day.
Upwards movement was expected from yesterday’s Elliott wave count.
Upwards movement was expected but did not happen.
Price moved lower, remaining above the invalidation point on the hourly Elliott wave count.