GOLD - Correction might be over

In log scale chart you can see that gold has came down and stopped at around 50% fib retracement

And when we look at the elliott wave structure from 2070

Gold came down as 3 wave which I labeled WXY
After that we had a month long triangle formation which send price down to 1848

Since triangle only occur in 4-b- and "x" wave i interpreted that the triangle is X and the whole correction is "WXY" correction
And I anticipated that Y would composed of 3 waves structures

From 1974 down to 1848, this looks like a double zigzag in which C is equal to 2.618X of length of wave A

So i think the correction maybe over

If 1848 holds, i think gold is ready to move higher to new high soon with target around 2250-2350

評論:

Seller will probably start coming in around 1900
But the trend is up if we are above 1848