Downwards movement continued as last analysis expected it to. The target remains the same.
Price is right at a trend line on the prior main Elliott wave count.
Movement over the next very few days may provide some illumination as to which Elliott wave count is more likely.
Further downwards movement should have given all members of Elliott Wave Gold profits today, if trading advice was taken.
Another red daily candlestick has printed as expected, but price continues to move sideways and not lower.
An outside day on Friday finally saw some volatility return to the market. While the short term structure on the hourly Elliott wave count is changed, the expectation for the short term remains the same.
A break below the channel and then below 1,260.03 has indicated the second hourly Elliott wave count was correct.
Overall, more upwards movement was expected; a slight new high fits the main Elliott wave count.
Downwards movement during Monday’s session remained above the short term invalidation point on the hourly chart.
Upwards movement was favoured as more likely for Thursday’s session. This is what has happened.
Last analysis expected it was most likely that price would move sideways and slowly higher. An inside day closing green fits this description exactly.
An upwards day was expected as likely for Wednesday’s session for Gold. Price moved slightly lower, however, before bouncing upwards at the end of the session.
A small inside day completes and fits expectations for a correction to continue.
Upwards movement continues as expected. Members have been advised to move stops up now to protect some profit. Profit targets are still the same. A new channel on the hourly chart will be used to manage long positions.
A strong upwards movement was expected on Friday. This is what happened, but then price reversed and retraced almost all of the upwards movement.