Tuesday, November 11, 2014

Golden Gold: Getting it right with Elliot Wave Analysis

Wow!...Gold has really moved in up and now down. With 1000 pips on Gold last month, I am more than satisfied with my results 

Here comes the new analysis:

Going by the very long term, investors have seen Gold rose increasingly steadily to the upside from the beginning of this millennium (2000) till 2011 ( a period of 11 years), and since then we have seen it moving deeply downside in what looks like a corrective impulsive move ( a probably 5 motive waves). 

With wave 4 of this move ended with a triangle, the last wave of this motive correction looks already on the way and probably could end at 1000.

On the daily and intra day charts, there was a well formed 5-wave impulsive ( sub-wave 1 of the weekly wave 5 move mentioned above) move which broke out of the triangle mentioned above and a correction is expected upside ( wave 2 of 5) before the large wave ( wave 3 of 5) favours a further dip to 1000 or deeper. 

The present expected correction to the upside might not move very high, before we see the continuation of the bearish trend to probably 1000.
I will keep an update as price progresses.

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