XAU/USD Gold Elliott Wave Analysis - 8th March

Daily Time Frame Gold Wave Analysis :


Gold XAU/USD Elliott Wave Analysis
Gold XAU/USD Elliott Wave Analysis 


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.


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