Gold Futures Elliott Wave Options CFDs 18 January 2019
Gold 1 Hour Chart
Wednesday, 13 February 2019 at 4:48:00PM EST
Gold made a nice spike up yesterday into 61.8% Fib. level about we warned in past updates as potential resistance because of previous five wave fall into 1300 area, so we expected a limited upside. So far, that’s a very nice to the lower side of a corrective channel which may give way soon. We are looking for a drop through 1300 mark.
Gold 4 Hour Chart
Monday, 18 February 2019 at 3:35:00PM EST
Gold is currently recovering from the 1276 level, which we believe can be an EW ending diagonal in play. In such case be aware of some overlaps between waves one and four. That said, once a top is set in on gold, that is when a bearish reversal in minimum three legs may follow. A drop below 1302 level would suggest a top in place and more weakness.
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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.
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