Gold outlook: Five waves to the top 2,488 – Tower top candlestick pattern

Abhishek H. Singh WaveTalks

Clear five-wave structure from 2,304 bottoms

Yellow metal has unfolded a clear 5-wave structure from the bottoms of 2304 to 2488 ( Alternate Wave Scenario) & reversal candle is unfolding from the tops of 2488.

Reversal candle in play

The Bearish Tower Top is a reversal candlestick pattern typically observed at the top of the trend which can be seen unfolding in the current scenario at the tops of 2488.

Bearish tower top candlestick pattern

A strong bearish candle has taken out the lows of the last few candlesticks while going up, which can be a strong signature unfolding in favor of the bears.

Bearish signature unfolding at 2,488 tops

Slipping below 2465, Gold has key and minor support at 2406 lows. Once the lows of 2406 and 2400 support zone are breached, Gold can slip down to important levels at 2355 and 2305 lows.

Author

Abhishek H. Singh

WaveTalks

Abhishek is a seasoned financial analyst with over a decade of experience specializing in Elliott Wave Theory.

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