Elliott Wave Analysis
The price range continued to contract in GOLD today,
This market is preparing for a large move once this triangle is complete.
This alternate count circled in red,
shows the recent three wave decline as a fourth wave within the larger correction.
There is a clear bullish momentum divergence on the 4hr chart.
The price has spent the last 6 weeks in decline,
even though the larger wave form is still very bullish on the daily chart.
Given the size of the rally in wave ‘1’,
This projects an even bigger rally in wave ‘3’ once that begins.
The prospects for GOLD are looking very bright indeed if the current count proves correct.
If todays decline continues,
and traces out a five wave pattern off the resistance line.
It will favor the alternate wave count.
USDJPY is now on the verge of completing another bullish Elliott wave signal off the lows
The price structure now shows a clear five wave pattern