All three hourly Elliott wave counts expected upwards movement, which is what happened on Friday.
Volume will be relied upon strongly today to judge the next most likely direction for Gold.
Downwards movement remains above the invalidation points on the daily charts. Price remains within the consolidation zone which it entered back on the 27th of September.
Price does not move in straight lines within consolidations, and Friday’s strong downwards movement is evidence of this fact.
Upwards movement continues as expected for this analysis.
On Balance Volume today gives an important signal that will be given reasonable weight in this analysis.
Upwards movement was expected for both Elliott wave counts. A higher high and a higher low with a green daily candlestick for the session fits expectations.
Price continued lower changing the Elliott wave count for the short term. Hourly charts today will show all movement from the last swing high on the 16th of October.
This video was recorded on 18th September, 2017.
The video shows how I developed an Elliott wave count and checked subdivisions within minor wave 1 upwards, which ended on the 8th of September, 2017.
A small inside day sees the target for one of the two Elliott wave counts adjusted. This new target is now closer to the target for the other Elliott wave count.
Upwards movement was expected after last analysis. Friday completed a higher high and a higher low, but a deep pullback at the end of the session closed the candlestick red. Price remains above the invalidation point on the hourly chart.
Price has reacted strongly downwards after moving slightly higher to perfectly touch the long term bear market trend line, which was expected. A red daily candlestick was printed as expected.
A very small range inside day only changes the Elliott wave count at the hourly chart level, slightly. The bigger picture and the target remain the same.