Gold Futures Elliott Wave Options CFDs 17 April 2019
Gold 1 Hour Chart
Thursday, 16 May 2019 at 09:11 GMT
Metals did not move much recently, but we may see more gains based on both gold and silver that are building some intraday bullish paths. We see gold in a minor fourth wave triangle that can send price to 1305-1310, while silver has room even for 15.00.
Gold 4 Hour Chart
Friday, 17 May 2019 at 07:03 GMT
GOLD is still trading in a bigger, complex correction known also as a flat. At the moment we see price unfolding sub-wave 2) of C, which can look for support, and a bullish reversal around the 1280/1275 area, from where a wave 3) may follow.
The previous structure in wave 1) was an EW leading diagonal, that once completed push price into a strong reversal; in our case into a strong, sharp correction.
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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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