Price remains range bound. A breakout is expected shortly. Elliott wave counts provide targets.
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.
Price remains range bound at the end of the week after moving mostly sideways. All Elliott wave counts remain valid.
Downwards movement continues as expected from all three Elliott wave counts. Targets remain the same.
A little more upwards movement was expected for Wednesday to end about 1,307 to 1,310. Upwards movement has continued to reach a high at 1,310.17 so far.
Price remains below the short-term invalidation point. Both short-term Elliott wave counts remain valid.
A flag pattern is identified for Gold. A target is calculated using the flag pole.
Overall, the week has begun with some sideways movement. For the short term, this is what the preferred Elliott wave count expected.
With the preferred Elliott wave count at a very important juncture, it is time to take a clean slate and see if a wave count which expects the opposite could be true. This video follows that process:
I’ve videoed the process today of developing part of the Elliott wave count for Gold on the hourly chart. Some members may find this useful in learning Elliott wave and having a deeper understanding of the current Elliott wave structure and expectations for next week.
The target remains the same. At the end of this week, a channel and a specific price point are used to indicate a trend change.
Overall, sideways movement continues as expected from the Elliott wave counts.
The short-term target for upwards movement for Friday was 1,250. Price moved higher to reach 1,249.66, just 0.34 short of the target.