XAU/USD Gold Weekly Elliott Wave Forecast on Long Time Frame - 2nd February 2020

XAU/USD Weekly Time Frame - Eliott Wave Forecast 


Gold XAU/USD Weekly Eliott Wave
Gold XAU/USD Weekly Eliott Wave 


Impulse Wave 1: 1181 to 1346

Correction Wave 2: 1346 to 1265 (50 % Retracement of Wave 1)

Impulse Wave 3: 1265 to 1557

Correction Wave 4: 1557 to 1446 (38 % Retracement of Wave 3)

Forecast Impulse Wave 5 as per Fibonacci Levels :

i.) If Wave 5 is 100% of Wave 1 @ 1612
ii) If Wave 5 is 123% of Wave 1 @1650
ii) If Wave 5 is 138% of Wave 1 @1675

Most of the time wave 5 is likely to 100% of a wave 1 and we get 1612 is the top of wave 5. After completion of 5 Impulse, we may see correction as ABC pattern.

ABC Correction : (Fibonacci 50% of whole Impulse)

If ABC Correction 50% of the whole 0 to 5th Wave ( 1181 to 1612 )  then Target is around 1413.


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