At the end of this week, it is time to review monthly charts for Gold. Three Elliott wave counts are published for monthly charts.
Upwards movement on Friday indicates the first wave down is complete. Fibonacci ratios are used to calculate targets.
An update of monthly charts.
A candlestick pattern on the daily chart in combination with volume analysis indicate the most likely scenario for early next week.
Another new low was expected. This is so far what is happening.
The bigger picture is updated today with a new weekly wave count.
Downwards movement still remains contained within the channel and above the short term invalidation point. Sideways movement for Friday leaves the Elliott wave count the same.
Again, price has moved lower as the main wave count expected it to. A breach of the channel adds a little confidence, but the confidence price point has not yet been passed. Alternates should still be considered.
All possibilities are considered, and it is time to step back and look at Elliott wave monthly charts.
Upwards movement was expected to continue to a target at 1,317. Price has reached 5.03 above the target.
It is time to step back and take another look at the bigger picture as cycle wave b becomes a little clearer.
Another strong downwards day was not expected to break below a support line that extends back to December 2016. Price action today suggests the weekly alternate count, or a variation thereof, now is more likely.