Gold is coming out of an Elliott Wave triangle [Video]

Gregor Horvat Wavetraders

On a higher degree time frame, we see gold coming higher into a fifth wave, but it may take some time before it finds the top, as we see an unfinished lower degree impulse.

Gold remains in strong and impulsive five-wave bullish cycle on a daily chart and there's space for more upside, we will just have to be aware of a higher degree wave IV correction still this year, possibly in Q4. Why? Because we see a move out of a triangle here in fifth wave of III, so we know thats the final trust within higher degree extensions, meaning there can be limited upside in weeks ahead, ideally around 2600-2700 area.

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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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