Longer term top may have formed in gold earlier this week. We sent an alert to subscribers on Tues May 19 with a full analysis and entry points with risk.
The up trend since 2015 is a double zigzag pattern labeled w-x-y. I can count the minimum waves in place at the May 19 high. A lot of harmony is found within the w-x-y waves and subwaves.
Prices are sitting on top of the 78.6% retracement level so this is the retracement of last resort. Silver is at a resistance level too.
Let the market dictate if the top is in by falling below support levels as that will be the trigger into a longer term trade.
According to the Elliott Wave analysis, I'm looking for an eventual fall below $1,000 for the price of gold. This will have an effect on GLD too.
The up trend since 2015 is a double zigzag pattern labeled w-x-y. I can count the minimum waves in place at the May 19 high. A lot of harmony is found within the w-x-y waves and subwaves.
Prices are sitting on top of the 78.6% retracement level so this is the retracement of last resort. Silver is at a resistance level too.
Let the market dictate if the top is in by falling below support levels as that will be the trigger into a longer term trade.
According to the Elliott Wave analysis, I'm looking for an eventual fall below $1,000 for the price of gold. This will have an effect on GLD too.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
