Elliott Waves on Gold: Deep correction hunting support

Gregor Horvat Wavetraders

Gold's price is inching slightly to the upside, but the movement on smaller time frames isn't showing strong impulsive characteristics from the lows seen on Tuesday. This suggests that the current uptick could still be part of subwave four within wave C, which is associated with a corrective drop. We are continuing to monitor a countertrend movement from ATH, but it may be premature to declare that the lows of wave 4 are firmly in place.To confirm a shift towards a higher wave 5, a break above $2272 would be a crucial indicator. Until that point, it's important to remember that $2270 remains a significant potential support level, especially if a new dip occurs. Keep an eye on these levels, but sooner or later bulls arec expected show up, while price is above 2200.

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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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