CommoditiesGold

Elliott Wave Analysis & Forecast, GOLD – XAUUSD, M1, 20210115

Refer to my previous analysis of 25th May, 2019 where we assumed that correction in green wave 4 has completed its second wave b but it was not the case after reviewing and recount waves, it has observed that green wave 4 ended at 1046 on December, 2015 and prices are rallying in last green wave 5. The Ideal target for this green wave 5 is near 2350 where long term upper resistance line meet.

Green wave 4 started from 1920.00 and composed of simple correction in red abc and last wave red c formed ending diagonal finished at 1046. After that we saw nice rally in red wave 1 and 3 of Green wave 4 forming short term top @ 2073.

Now prices is going down in red wave 4 and the ideal target of this wave will be 1733.00 before new rally will start towards 2350. But keep in mind red wave 4 can retrace down to 1367 but not below that. As Elliott wave principle wave 4 cannot travel to territory of wave 1.

 

muhiuddin

 

 

Comment here