GOLD Short-Term Elliott Wave Analysis

By: Elliottwave-Forecast | Wed, Apr 22, 2015
Print Email

Gold is proposed to be doing a ((w))-((x))-((y)) Elliott wave structure 1224 (4/6) high. Wave ((w)) ended at 1183.60, wave ((x)) completed at 1209.09 and wave ((y)) lower is proposed to be in progress. We need to see a break below 1183.60 (4/14) low to add more conviction to this view as that would make it 5 swings down from 1224 high and open an extension lower.

1184 - 1178 seems to be the ideal area to complete 5th swing i.e. wave (w) of ((y)) before we get a bounce in wave (x) and lower again toward 1168 - 1159 area to complete 7 swing Elliott wave cycle lower from 4/6 (1224) peak. If wave (w) ends at 1184, then 1197 - 1200 would be 50 - 61.8 fib area for completion of wave (x). We don't like buying the metal in proposed (x) wave bounce. Worth mentioning that failure to break below 1183.60 may lead to further consolidation in the form of a triangle or even a double correction in wave ((x)).

SPX Elliott Wave Analysis Chart
Larger Image


If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.




Author: Elliottwave-Forecast

Elliottwave-Forecast (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 41 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Copyright © 2015-2017

All Images, XHTML Renderings, and Source Code Copyright ©