The bounce was expected to continue for Tuesday’s session, which is what has happened.
Downwards movement continues as expected from all three Elliott wave counts. Targets remain the same.
This analysis overall expects a downwards trend, which is how the new trading week has begun.
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.
A bounce on Friday remains below the short-term invalidation point for the hourly Elliott wave count. The mid and long-term targets remain the same.
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.
The preferred Elliott wave count expected price to continue lower, which is exactly what has happened. A channel was used on the hourly chart to indicate where bounces may find resistance, and this has almost perfectly shown where the high for the session ended before price turned to move strongly lower.
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:
Price remains within the channel. At this stage, the analysis has now switched to neutral, awaiting technical indication of a trend change or a continuation of the existing trend.
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.