Elliott Wave Analysis: GOLD Undergoing A Big Complex Corrective Pattern; A Reversal Higher Can Be In The Cards
On the daily chart of Gold we see a bullish pattern; a five waves up from November 2015 low followed by a turn down from 1375 that we believe is going to be a corrective move because of overlaps. Based on latest price data we are tracking a double zigzag now that can be headed to 1160-1180 area where buyers will try to cause a turn. Technically speaking we see this market in bullish mode as long as 1046 is not taken out.
GOLD, Daily
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On the lower time frame, we see Gold moving sharply lower, away from 1337 swing high where market might have found a temporary top if we consider a very strong sell-off which looks like an impulse. As such, we updated the wave count, labeled it as wave X high at 1337 that belongs to a combination of two zigzags in wave B)/II) that can be underway down to 1150/70 area. In the meantime, be aware of a bounce up in wave B, but after completion of wave A near 1200 mark.
GOLD, 4H
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