Gold Elliott Wave Analysis : 14th Oct

As discussed, Gold developing a leading diagonal ? 

Now for 1st wave of 5th wave may be a leading diagonal or normal fifth wave pattern.

If 4th wave will penetrate the 1st wave then it will consider as a Leading diagonal triangle. We can see 4th wave penetrate 1st wave and each motive wave (1 & 3) has five tiny waves.so 1890-1895 will be the 4th wave and 1945 will be the 5th wave. The bullish trend is still intaking. 


Gold elliott wave


4th wave as showing on chart finished at 1882 now we are waiting for 5 tiny waves to develop and then buy at correction if this is a 5th wave as below.

Gold elliott wave


So the Bulls will try to hold 1888 for the Target of 1905

Alternate wave count : 


Gold elliott wave

Alternate Elliott wave count suggests five tiny waves completed at 1919 and ABC correction is going on. 

C wave of the ABC(3-3-5)  correction unfolding and five waves of C wave is under progress. (IV) wave correction 38.2% faced at 1898 and 61.8% Fibonacci extension of 0 to III will be completed at 1867.

So there is a chance the gold may test 1867 if start to trade below 1888 as per this pattern. 




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