Gold price is still rising and is now close to the invalidation point for the main Elliott wave count. All three Elliott wave counts remain valid at this stage, but we may soon be closer to some clarity regarding this B wave.
The alternate Elliott wave count expected for the short term a new high to 1,349 before a reversal. Price reached 1,357.92, remaining below the Elliott wave invalidation point, and there sharply reversed.
A bounce was expected to continue higher for one or two sessions, which is so far what has happened.
A long lower wick on today’s daily candlestick supports the short-term outlook for both Elliott wave counts.
A strong downwards day indicates the alternate triangle Elliott wave count may be more likely than the main, which differs only for a short-term outlook. The wave counts are switched over today.
A new high above 1,346.45 was expected for the main Elliott wave count, although some further consolidation was expected first.
A sharp upwards spike completes a strong candlestick pattern today, which suggests the next direction for at least a few days.
Upwards movement was expected to continue, which is exactly what has happened. A new high above 1,311.40 early in the session added confidence to this expectation.
A reasonably strong downwards day fits the expectation from the main Elliott wave count.
For the very short term, a bounce was expected for this session. The bounce is higher than expected, but it remains below the Elliott wave invalidation point.
A small range inside day leaves all Elliott wave counts essentially the same.