Elliott Wave Gold Futures Options CFDs 14 January 2019
Gold 1 Hour Chart
Wednesday, 9 January 2019 at 12:44:00AM AEST
GOLD is dropping from the 1295 level in five minor waves, which can be start of a wave c of a higher degree. We know that after every five-waves a temporary three-wave pullback may follow, which can later look for resistance and a turn lower around the 1287/1290 region. Invalidation level is at 1295.
Gold 4 Hour Chart
Monday, 14 January 2019 at 7:56:00PM AEST
Precious metal was trading bullish from 1232 level and also unraveled a five-wave movement within leg five of A. This five-wave movement can now be retraced by a temporary three-wave pullback, labelled as wave B, which can look for support and a bounce near the Fibonacci ratio of 50.0 or 61.8(1265/1260 area). That said, currently we see price unfolding sub-wave b of B, which can look for a bearish reversal near the 1300 zone.
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Elliott degrees in order: Grand Super cycle wave, Super cycle wave, Cycle wave, Primary wave, Intermediate wave, Minor wave, Minute wave, Minuette wave and Subminuette wave.
Elliott Wave Gold, Gold Futures, Gold Options, Gold CFDs