A pennant pattern may be completing on the daily chart. A target is calculated from the flag pole.
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.
A reasonably strong downwards day fits the expectation from the main Elliott wave count.
A bounce was expected to continue to start the new week. The target remains the same.
A small range inside day fits short-term expectations for the Elliott wave count.
A short-term Elliott wave target for upwards movement to end was calculated yesterday at 1,318 to 1,322. Upwards movement continued to a high at 1,319.80.
Downwards movement continues as the bigger picture for the Elliott wave count expected, although a small bounce up to 1,337 was expected first.
A channel is used to indicate a trend change. While price remains within the channel, the upwards trend should be assumed to continue.
Sideways movement continues as both Elliott wave counts expected.
Today a small range day remaining well within resistance and support does not change the Elliott wave counts.
For the short term, a small pullback was expected to continue. This is exactly what is happening.
Upwards movement continues as the preferred Elliott wave count expects.
All four weekly Elliott waves counts remain valid.