Elliott wave Analysis: GOLD Update

Gregor Horvat Wavetraders

GOLD is breaking higher after that short running flat pattern which is very rare, so at the same time we are also tracking a completed five-wave rise into wave »i« labeled as an alternate count. That said, we have to be careful at this stage, because it could be only a spike up before a deeper correction, but if GOLD remains above 1219 region and continues higher in an impulsive manner towards 1240 area, then we may consider a wave »iii« within uptrend! Anyhow, we expect Gold to rally either straight to the upside from current levels or after a deeper correction, as long as it's above 1196 invalidation level.

Gold, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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