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Yesterday’s gold analysis expected the main wave count to be invalidated and the alternate confirmed, which is what happened with movement above 1,330.09.

The situation is clearer. I have just the one wave count now for you.

Click on the charts below to enlarge.

Gold Elliott Wave Chart Daily 2013

Gold has completed its downwards wave and is in the early stages of the next wave up which would last at least a month.

When the first wave within a correction (labeled here intermediate wave (W) ) subdivides into a “three” then the correction is either a flat (most common) or multiple (still very common, but not as much).

Within a flat correction the next wave (labeled here intermediate wave (X) ) must reach at least 90% of the first wave. When this next wave fails to reach 90% of the first wave then a multiple is the only possible structure.

Because intermediate wave (X) is quite shallow I would expect primary wave 4 is most likely a double zigzag rather than a double combination. Double combinations move price sideways and their X waves are usually deeper than this one is. Double zigzags trend against the main direction, and their purpose is to deepen a correction when the first zigzag did not take price deep enough. So I will be expecting intermediate wave (Y) to subdivide as a zigzag and to take price comfortably above 1,433.83. It should last about 35 to 45 days or sessions in total.

Within intermediate wave (Y) no second wave correction may move beyond the start of the first wave. This wave count is invalidated with movement below 1,251.76.

GOLD Elliott Wave Chart Hourly 2013

I had expected minute wave ii to end about 1,298. It failed to reach this target by over $21. Minute wave ii moved price sideways.

If intermediate wave (Y) is subdividing as a zigzag then minor wave A within it must subdivide as a five wave structure, most likely an impulse.

At 1,387 minute wave iii would reach equality in length with minute wave i. This target is probably about two to four days away.

Within minute wave iii minuette wave (ii) may not move beyond the start of minuette wave (i). This wave count is invalidated with movement below 1,310.27.

Over the next 24 hours I will be expecting (in this order) a slight new high to complete minuette wave (i), followed by a second wave correction for minuette wave (ii), and then maybe to begin within the next 24 hours the middle of a third wave for minuette wave (iii) of minute wave iii.