GOLD - wave analysis, update for wave 4
Hi All!
Wave 4 Correction Before Further Growth
Gold appears to have entered Wave 4 of a five-wave Elliott impulse from the 2955 level and is now in a corrective phase before resuming its uptrend.
🔹 Key Levels to Watch:
1️⃣ 2860 – A potential termination point for Wave 4, as multiple support levels converge here:
• 0.23 Fibonacci retracement
• Upper boundary of the Wave 1-2 channel
• Median line of the Wave 1-2-3 channel
Gold is expected to find support at this level unless significant bearish fundamental factors emerge.
2️⃣ 2800 – If 2860 is broken due to negative data, the next key support zone is around 2800, which coincides with:
• 0.38 Fibonacci retracement of Wave 3
• Previous historical high zone
• Lower boundary of the primary parallel channel
• Median line of the Wave 1-2 channel
🔹 Potential Wave 4 Structure:
• Most likely scenario: A triangle formation, making 2860 the key Wave 4 extreme.
• Alternative scenario: A zigzag correction, extending down to 2800.
🔹 Momentum Indicators to Watch:
• AO Indicator should reset to zero, eliminating overbought conditions.
• RSI should drop to at least 50-40 to confirm a sufficient correction.
🔹 Timing Expectations:
• Wave 4 is expected to complete by mid-to-late March.
• At the latest, the correction could extend into April before the uptrend resumes.
📊 First target for Wave 4: 2860. Monitoring price action at this level to refine further projections.
Wave 4 Correction Before Further Growth
Gold appears to have entered Wave 4 of a five-wave Elliott impulse from the 2955 level and is now in a corrective phase before resuming its uptrend.
🔹 Key Levels to Watch:
1️⃣ 2860 – A potential termination point for Wave 4, as multiple support levels converge here:
• 0.23 Fibonacci retracement
• Upper boundary of the Wave 1-2 channel
• Median line of the Wave 1-2-3 channel
Gold is expected to find support at this level unless significant bearish fundamental factors emerge.
2️⃣ 2800 – If 2860 is broken due to negative data, the next key support zone is around 2800, which coincides with:
• 0.38 Fibonacci retracement of Wave 3
• Previous historical high zone
• Lower boundary of the primary parallel channel
• Median line of the Wave 1-2 channel
🔹 Potential Wave 4 Structure:
• Most likely scenario: A triangle formation, making 2860 the key Wave 4 extreme.
• Alternative scenario: A zigzag correction, extending down to 2800.
🔹 Momentum Indicators to Watch:
• AO Indicator should reset to zero, eliminating overbought conditions.
• RSI should drop to at least 50-40 to confirm a sufficient correction.
🔹 Timing Expectations:
• Wave 4 is expected to complete by mid-to-late March.
• At the latest, the correction could extend into April before the uptrend resumes.
📊 First target for Wave 4: 2860. Monitoring price action at this level to refine further projections.
Trade active
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.