Gold elliot wave analysis 08.08.2020

The current wave up has very complex structure. I tried to verify all the wave counts up to 10min chart.
based on my count we still need 1 more wave up to complete the 5 way impulsive wave.
we finished wave 3 of a bigger degree so It wont be any surprise if we spend some time on correction
I am considering a 5 wave impulsive wave because the wave 3 broke the trend line

Komentarz:

this is the daily chart. it matches the wave count and we need another wave up (wave 5) to complete the RSI pattern

Komentarz:

is the wave 3 finished or not ?
lets see 3h chart
the RSI has a divergance so I am expective a wave 4 to happen, the wave 4 should not be very deep but I could be long

Komentarz:

teh reverse RSI alos suggest 1876 as the target level so I will "WAIT" for the 4th correction to finish and if satisfies all the criteria and i see a buy signal I will buy fr wave 5
DO NOT short this market now it is very risky

Komentarz:

if you want to short the market for any reason male sure that the trend line gets broken

Komentarz:

I will count the waves live for the next week under this post

Komentarz:

Komentarz:

such a complex correction !

Komentarz:

Komentarz:

the market is moving perfectly as predicted

Komentarz:

Komentarz:

we have hit the 38% fibo level which is a usual retracement level for wave 4.
it might goo deeper to 50% but I am starting to look for a bullish count

Komentarz:

Komentarz:

perfect, reversal at the predicted target :)

Komentarz:

Komentarz:

everything seems to work as planned

Komentarz:

Komentarz:

Komentarz:

the correction is taking longer than expected! possible scenarios:
1- we are on wave 1 correction
2- the whole count is corrective not impulsive

Komentarz:

I am still bullish so I will consider this count

Komentarz:

Komentarz:

all, I am not sure about the wave count for this pattern, it seems bullish but we are also close to an important RSI resistance level, I am still bullish but I have not open any long position myself yet, I need more confirmation

Transakcja zamknięta: osiągnięto wyznaczony cel:

well we had the wave 4 pullback which was what i expected for short term, the wave 4 might still goes on for a while but I am gonna count for wave 5 from next week :)