As discussed in last post,XAU/USD Gold Elliott Wave Analysis - 8th March

Elliott 5 Impulse Wave Analysis -


Impulse 1st Wave  : 1160 - 1215 ($ 55 Upmove )
Corrective Wave 2: 1215 - 1180 ($ 35 Down Move)  Flat Correction 
Impulse 3rd Wave : 1180 - 1555 ( $375 Upmove ) 
Corrective Wave 4: 1555 - 1445 ($ 110 Down Move)  Double Zig-Zag 
Impulse 5th Wave : 1445 - 1690 ( $245 Upmove ) which is 61.8% Fibonnacci level of Impulse 3rd Wave.

Elliott ABC Correction Wave Analysis -


A Wave: 1688 - 1562
B Wave: 1562 - 1690 ( Nearly Same as A Wave )
C Wave: ???

Conclusion: A and B wave is similar so forecasted ABC Pattern  Flat.
The target of C wave is either 61.8%,100% ,123.6% or 161.8% of AB wave as 1611,1561,1530,1480.

Note: This Analysis is nullified if Gold Close above 1705.

Gold made Low 1551 and the current market price is around 1585. Now we assume the "C" wave is completed. Either it can fold Double three pattern so Next wave will tell us the story.

Gold XAU/USD Elliott wave Analysis
Gold XAU/USD Elliott wave Analysis 

The pattern will be like  - ABC X ABC or ABC 12345
We have completed ABC now either we are in "X" pattern (ABC) or Impulse wave (12345).
It will be decided in couple of days.
If it is 12345 pattern then we will enter long near the end of 2nd Wave as mention on the chart.



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