The first point looked for to give confidence in the Elliott wave count is now seen in a candlestick reversal pattern. Today completes an Evening Star on the daily chart for Gold.
The target using the flag pole remains the same.
The target at 1,338 to 1,341 is now met.
A little upwards movement provides a little short-term clarity. The target is now close by.
Price still remains within an identified consolidation zone. Friday’s strong upwards day lacks support from volume. The breakout from a flag pattern is suspicious.
Price remains range bound and strong support continues to hold. Price points for support and resistance are identified. A breakout is required for confidence in the next trend.
An outside day remains range bound. A breakout from this consolidation is required to indicate the next trend.
A small range inside day leaves all Elliott wave counts unchanged today.
Price remains within the consolidation zone. While strong support holds, the preferred Elliott wave count will remain at a critical juncture.