This Elliott wave count expects Gold is within a grand super cycle correction.
Price moved lower as expected but did not reach the target.
Upwards movement was expected, but not as much as unfolded.
Sideways movement fits the second Elliott wave count better than the first, but both remain valid while price remains range bound.
The main hourly Elliott wave count expected upwards movement which is overall how Friday unfolded.
A little downwards movement was expected from yesterday’s hourly Elliott wave count to end about either 1,270.53 or 1,265.46.
So far price has moved lower to 1,263.
Downwards movement was expected from the main Elliott wave count.
The main hourly count was invalidated above 1,241.55 and the alternate was confirmed. The alternate expected more upwards movement.
I have a new alternate Elliott wave count for you.
Upwards movement was unexpected and invalidated the hourly Elliott wave count.
Sideways movement to complete a small green doji fits the expectation of a continuing correction.
After a new high above 1,170.19 was made only two wave counts remained valid and both expected more upwards movement, which is what happened.
A slight new high on light volume changes both Elliott wave counts.
The bull and bear Elliott wave counts now diverge.
Short term the bear wave count expected upwards movement to 1,143.
Price has moved higher to 1,141.83.