Elliott Wave Analysis: Gold Trading In A Correction
Elliott Wave Analysis: Gold Trading In A Correction
Gold is moving lower for the last two weeks or so, but if we take a look at the price structure we can see that decline is slow, choppy and overlapping. In Elliott wave terminology this indicates a corrective structure, meaning that move down can be temporary, especially if we also consider that decline is in seven legs. Elliott Wave theory also says that corrections may find support at the area of a former wave four which in our case comes in near 1246, so from that point of view we would not be surprised if bears would stop there this week.
GOLD, 4H
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