Gold Spot

If we attempt to measure with Elliott's wave theory the gold price rise, we could say that the (5) wave of the 5/ wave is bounded in the region of 2450.
This is because when we have an extension of the 3/ wave, then probably the 5/ wave is equal to the 1/ wave.
So, if our measurement is accurate, the 4/ wave has ended with an acute correction in the region of 50% in Fibonacci ratios, and it lasted 51 months, unlike the 2/ wave whose correction was flat in the region of 74% in Fibonacci ratios, and it lasted 239 months.
An analysis will follow at a shorter timeframe.

註釋

The negative element is the triple top and the million-dollar question is whether it will afford to break it, combined with the fact of the negative divergence at the two peaks of the DPO indicator.

註釋

Gold Spot : Weekly timeframe analysis

註釋

Gold Spot: Daily

註釋

In a flat correction abc we do not expect wave c to spread beyond wave a (at least not much).

註釋

Alternative idea: long position after 1935 area breakout

註釋

Alternative scenario based on triple top.....

註釋

If this scenario prevails, which is very likely, then we will see this precious metal, after a big bullish run since 1978, enter a deep correction and when this happens, we see it go deep, up to 61.8% from the top, which is in the 710 to 820 area.