Tuesday, March 8, 2016

Gold: A New Triangle?

On 3rd March, we discussed about the triangle that formed the 5th wave of the expected impulse wave that broke out of the ending diagonal. You can read the article again here .

The impulse wave, which was expected to terminate between 1300 and 1400, is expected to be the first leg of a correction.

As price broke out of the 4th wave triangle, we expect price to rally in a real motive wave to the 1300-1400.


Presently price is consolidating in a side way movement after a short rally.
The chart below shows the Elliott wave analysis of the breakout rally

If price breaks above 1275.21, there will be a good position for price to rally to 1290-1300 in the nearest term.

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