GOLD Bearish price action in short term!
A strong rejection was evident in gold at the $1810 level; which if you have seen my previous ideas on the longer term elliot wave count on Gold, there is valid argument to suggest a larger B wave top was formed at $1810 whereby a macro C wave down can occur and the waves shown on chart are the beginning of the subwaves this larger C wave move. From the posited B wave top gold was rejected in a 5 wave impulse of which a lower high was then formed suggesting a 3rd wave impulse down can occur and a bear trend formation.
This is most likely the 5 wave count of a higher degree Wave 1 to the downside which in previous ideas would take out the $1615 low in a zig zag formation.
Some likely targets for this 5 wave count to complete would be the 2.618 at ~$1695 with a 3rd wave possibly finishing at the 1.618 extension at ~$1736.
As this idea plays out there will be more information as to assesing where price lies in the wave count and the clarification of sub wave posiioning and degrees.
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This is most likely the 5 wave count of a higher degree Wave 1 to the downside which in previous ideas would take out the $1615 low in a zig zag formation.
Some likely targets for this 5 wave count to complete would be the 2.618 at ~$1695 with a 3rd wave possibly finishing at the 1.618 extension at ~$1736.
As this idea plays out there will be more information as to assesing where price lies in the wave count and the clarification of sub wave posiioning and degrees.
Please like and follow for more Elliot Wave Analysis!
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