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 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.
An outside day remains range bound. A breakout from this consolidation is required to indicate the next trend.
Price remains within the consolidation zone. While strong support holds, the preferred Elliott wave count will remain at a critical juncture.
A channel is used to indicate a trend change. While price remains within the channel, the upwards trend should be assumed to continue.
Upwards movement continues towards the target.
The second target was met and price kept rising. The third and final target may now be used.
A little sideways movement was expected for the short term when markets opened for the new week. This is mostly what has happened. Monday’s session completes a long legged doji with a slightly higher high.
An upwards breakout from a flag pattern was expected. The first Elliott wave target at 1,300 has been met. But the Elliott wave structure is incomplete, so the second target will now be used.