Gold’s sideways movement — Bullish activity expected soon? [Video]
|This article takes a detailed look at the Elliott Wave analysis of Gold (XAU/USD) and it's current market structure, focusing on the ongoing sideways movement and future bullish expectations (0:01).
Key points include:
Wave structure analysis: The analysis identifies a five-wave structure (1-2-3-4-5) with wave 2-circle as a flat structure and wave 4-circle currently in progression (0:28-0:41).
Retracement levels: The retracement for wave 4-circle has extended past the 38.2% level and touched the 50%-60% mark, which is considered extreme for a typical wave four (1:04-1:14).
Expected sideways movement: Due to the extended retracement, the market is expected to experience a significant period of sideways consolidation before any further upside movement (1:22-1:42). This consolidation might take the form of a triangle or a flat structure (2:10-2:15).
Time analysis: Bullish activity is anticipated towards late February or early March (1:45-1:56). The analyst emphasizes observing the internal structure of wave four for clearer indications (1:58-2:00).
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