©Master of Elliott Wave: Hua (Shane) Cuong, CEWA-M (Master Designation).
Conclusion: The previously mentioned ALT wave count scenario is triggered, gold continues to fall lower with a ((c))-navy wave.
Probability assessment: Main wave count scenario.
Forecast direction: Pushing much lower.
Long-term bullish potential: Not really, the ((c))-navy wave can move to lower targets; therefore the medium-term outlook is bearish.
Details:
We are moving down with a ((c))-navy wave in a flat pattern of 4-grey wave. The decline will move to a target of 2,671.0 and then 2,596.7. While the price must remain below 2,794.8 to maintain this view.
Invalidation Point: 2,794.8.
Conclusion: The previously mentioned ALT wave count scenario is triggered, gold continues to fall lower with a ((c))-navy wave.
Probability assessment: Main wave count scenario.
Forecast direction: Pushing much lower.
Long-term bullish potential: Not really, the ((c))-navy wave can move to lower targets; therefore the medium-term outlook is bearish.
Details:
We are moving down with a ((c))-navy wave in a flat pattern of 4-grey wave. The decline will move to a target of 2,671.0 and then 2,596.7. While the price must remain below 2,794.8 to maintain this view.
Invalidation Point: 2,794.8.
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