More Upside Ahead for Gold Regardless of Election? - XAU/USD Elliott Wave 15th Oct

 As discussed, Gold Elliott Wave Analysis : 14th Oct

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.

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

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. 

Now,

Gold weekly target elliott wave analysis

Five tiny waves appeared from 1882 to 1913 and correction of the five tiny waves is on going .

let's zoom the chart,

Gold price action


Tiny waves 1 & 2 is difficult to identify on smaller frame. 5th wave is 123.6% Fibonacci extension of 0 to 3 which is called extended 5th wave so we have seen sharp fall upto preceding 4th wave and price start to retrace this water fall .

Retracement may up to B wave near 1904 and we may another fall up to preceding 2nd wave near 1888 and ABC correction will complete.

Bulls will hold 1882 as this is a starting point of 1st wave for the Target of 1937

Bears will try to break 1882 for the Target of 1875/1867








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