Price remains range bound at the end of the week after moving mostly sideways. All Elliott wave counts remain valid.
Downwards movement continues as expected from all three Elliott wave counts. Targets remain the same.
A little more upwards movement was expected for Wednesday to end about 1,307 to 1,310. Upwards movement has continued to reach a high at 1,310.17 so far.
Price remains below the short-term invalidation point. Both short-term Elliott wave counts remain valid.
A flag pattern is identified for Gold. A target is calculated using the flag pole.
Overall, the week has begun with some sideways movement. For the short term, this is what the preferred Elliott wave count expected.
I’ve videoed the process today of developing part of the Elliott wave count for Gold on the hourly chart. Some members may find this useful in learning Elliott wave and having a deeper understanding of the current Elliott wave structure and expectations for next week.
The target remains the same. At the end of this week, a channel and a specific price point are used to indicate a trend change.
Overall, sideways movement continues as expected from the Elliott wave counts.
The short-term target for upwards movement for Friday was 1,250. Price moved higher to reach 1,249.66, just 0.34 short of the target.
A small range inside day leaves all Elliott wave counts the same.
An upwards breakout from a small Elliott wave triangle or a classic pennant pattern was expected, and this is what has happened.
Candlestick analysis is used today to determine if the target remains likely.