After a long time, I got a chance to review the Gold chart. Since I have only recent data about gold, I'll analyze only the short term wave counts.
Since July Gold seems to be in a impulsive up move from 29000 range. Considering this as the starting of the impulse wave up, we completed wave i near 29870 range and a shallow wave ii completed around 29570 range. Next wave up in wave iii seems to subdivide and possibly completed all the 5 subwaves of it near 32440 range 7 days ago. Since then Gold is in a correction mode and 31625 range. This could be wave a or wave i. Next gold market has retraced upwards until 32130 which is approximately 61.8% retracement of the fall from 32440 to 31625. This could be marked as wave b or wave ii. Henceforth Gold is in a down move again. This is unfolding as impulse form. This could be wave c or wave ii of wave a. We shall wait and watch how the retracement unfolds from then on. If it unfolds like an aggressive impulse move up then it might be the beginning of the 5th wave up.
Gold daily chart with Elliott Wave labeling:
Gold hourly chart with Elliott Wave labeling.
Since July Gold seems to be in a impulsive up move from 29000 range. Considering this as the starting of the impulse wave up, we completed wave i near 29870 range and a shallow wave ii completed around 29570 range. Next wave up in wave iii seems to subdivide and possibly completed all the 5 subwaves of it near 32440 range 7 days ago. Since then Gold is in a correction mode and 31625 range. This could be wave a or wave i. Next gold market has retraced upwards until 32130 which is approximately 61.8% retracement of the fall from 32440 to 31625. This could be marked as wave b or wave ii. Henceforth Gold is in a down move again. This is unfolding as impulse form. This could be wave c or wave ii of wave a. We shall wait and watch how the retracement unfolds from then on. If it unfolds like an aggressive impulse move up then it might be the beginning of the 5th wave up.
Gold daily chart with Elliott Wave labeling:
Gold hourly chart with Elliott Wave labeling.
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