Gold XAU/USD Elliott Wave Analysis -6th April 2020

Gold Forecast By Wave Analysis:

Where were we in Big Picture?

Starting from Dec 2015 Low 1047 was the starting of wave counting. we are in a Bull Market to date.

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

Impulse Wave 1 is around 1050 to 1375. It has  sub Five waves in lower time frame.

Wave 2 is complex Correction ABC & it is retraced approx 61.8% of wave 1. 

Wave 3 is 161.8% of Wave 1.We will assume that this was a normal third wave.

Wave 4 is a simple Flat correction & 38.2% correction of 3rd Wave.

Where will be the end of Wave 5 ???

If Wave 5th is Extended than we may see Fibonacci more than 161.8% so the Target May 1990 or further.

If Wave 5 is normal than we may see Fibonacci Extention 61.8/100/123.6/138.2 and the Target is 1655/1783/1862/1911.

We have to count sub-waves of 5th wave which is more important than depends on Fibonacci Levels only.

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