The main Elliott wave count remains essentially the same after today’s sharp whipsaw. A new alternate to consider is presented for the short term. The larger picture remains the same.
A little more upwards movement to a preferred target at 1,306.69 was expected for the short term. The high for the session was at 1,310.99, $4.30 above the target. The Elliott wave count remains the same.
The target at 1,338 to 1,341 is now met.
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.
The target for upwards movement to end was at 1,295. Friday’s high at 1,295.98 almost perfectly met expectations. Members were warned to look out for a sharp reversal after the upwards wave ended.
Price has moved higher exactly as the preferred Elliott wave count expected for Gold.
More downwards movement was expected as possible, but a close below support is more bearish than expected.
Sideways and slightly lower movement was expected to continue. A small range day moved price lower, closing as a doji candlestick; this fits expectations for the Elliott wave counts.
Sideways movement this week continued for Gold exactly as expected.
All four weekly Elliott wave counts will again be reviewed at the end of this week.
Some downwards movement was expected for Gold and that is what has happened for the short term for both wave counts, which are now being followed on a daily basis.
Price remains above the invalidation point, finding support at the trend line on the main daily Elliott wave count.
A downwards day, which does not make a new low, still fits overall with the bigger picture. At the end of the week, the main Elliott wave count is unchanged at the daily chart level.