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I have taken some time to try and see an alternate Elliott wave count which would expect more upwards movement.

If price does keep moving strongly higher, as many members seem to expect it will do, this is the wave count I would prefer. It would be confirmed with a new high above 1,255.40, but I would use this as a main wave count if the upper black trend line on the main wave count daily chart is breached, which would come before 1,255.40.

Click on charts to enlarge.

Gold Elliott Wave Chart Daily Alternate 2014

It is possible that intermediate wave (2) is incomplete as a more time consuming expanded flat correction. Minor wave A is a three, a double zigzag. Minor wave B is a single zigzag and a 172% correction of minor wave A. Minor wave B is comfortably longer than the maximum common length of 138% in relation to minor wave A, and this reduces the probability of this wave count.

At 1,224 minute wave iii would reach 1.618 the length of minute wave i.

At this stage this alternate wave count would be invalidated with movement below 1,146.98 as within minute wave iii no second wave correction may move beyond the start of its first wave.

Intermediate wave (2) may not move beyond the start of intermediate wave (1) above 1,345.22.