Elliott Wave: Is Gold Over the Correction?

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Elliott Wave: Is Gold Over the Correction?

Elliott waves on gold indicate that the rally from last year's August 2018 low is still in progress as 5 IMs. On the hourly chart above, we can see the complete wave ((4)) at 1458.76. Sub-correctional waves of wave ((4)) were detected in three pairs where wave (W) ended at 1484.2, wave (X) ended at 1535.69 and wave (Y) ended at 1458.76. Gold has since turned up from 1458.76 in 5 IM waves.

Up from 1458.76, wave 1 ended at 1487.3 and wave 2 ended at 1474.3. Then the yellow metal resumes its rise in wave 3 towards 1502.13, wave 4 of the decline ended at 1495.6 and wave 5 ended at 1519.7. The metal must retreat in wave (2) to correct in a swing of 3, 7 or 11 waves before resuming the rally. The yellow metal still needs to rise above the September 4, 2019 high (157.1) to rule out the possibility of a deeper correction.

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