After an upwards breakout on Friday, three Elliott wave counts remain valid.
Upwards movement has continued, which fits the alternate Elliott wave count. The main Elliott wave count is changed this week.
A sideways consolidation was expected for the week. Price has moved higher than expected, but it remains below the Elliott wave invalidation point.
Today Gold may be in the process of a classic upwards breakout from a multi-year consolidation. If this session closes above 1,374.91 (the July 2016 high) on an upwards day with support from volume, then have confidence in the breakout.
Today I have three Elliott wave counts, all of which are bullish.
Gold price is still rising and is now close to the invalidation point for the main Elliott wave count. All three Elliott wave counts remain valid at this stage, but we may soon be closer to some clarity regarding this B wave.
For the very short term, a deep bounce was expected, which is what has happened.
Price remains below the invalidation point.
A small range day with a long lower wick moves price a little lower. Downwards movement overall was expected from the main Elliott wave count.
Upwards movement was expected to continue for the week to reach above 15.467. An inside week failed to reach the expected target, but the structure for the Elliott wave count may now be complete.