More upwards movement continued to start the new week as the main Elliott wave count expected.
Gold is still range bound.
Classic analysis, with a heavy reliance on volume analysis, is used to determine probability of the main versus alternate Elliott wave counts today.
Yesterday’s Elliott wave and classic technical analysis expected some sideways / upwards movement for Thursday, which is exactly what happened.
Price has found resistance right at the trend line on the daily chart.
More downwards movement is very close now to the second target, which was at 1,240.
The first target for downwards movement has been met.
Downwards movement was expected.
Again, price moved overall sideways to complete a very small daily Gravestone doji.
The main Elliott wave count from last analysis expected price to move higher, which is what has happened.
Last analysis expected a counter trend movement to continue. A long legged doji candlestick fits this description.
Price moved lower as expected. A small candlestick, which may end as a doji for Thursday’s session, fits the Elliott wave count nicely.
A little more downwards movement takes this move into its fifth day. I am swapping the Elliott wave counts over. Yesterday’s alternate is now the main preferred wave count. This is in line with GDX and Silver.