Gold Elliot 5th Wave Swing Long

Here you can see the possible start of Elliot's 5th Wave (The Green).
The end of wave 4 is also matched with Bollinger's Lower Band and Top of Ichimoku cloud. It's A price where a lot of indicators and stuff may give the same signal.
Here is the bigger picture wave counting:

It is all just a technical analysis and a new ATH for gold is a huge deal which should be aligned with other economic factors. All I can say about them is that DXY is again back to the red Ichimoku cloud but ZN1 is still bearish and bellow the red Ichimoku cloud.

We set the high of last candle as the entry, low of the previous candle as the stop loss and the ATH as the Take profit target. Good Risk to Reward ratio and possible higher targets if breakout happens.
Entry 1985
Stop Loss 1950
Take Profit 2050

I would be glad to hear your opinion.

Comment:

Just one more thing to consider about the 5th wave:
A truncated fifth wave, also known as a "failure", is a term used in Elliott Wave Theory to describe a situation where the fifth wave does not move beyond the end of the third wave. It is a fairly common occurrence and typically indicates a weakening trend.

More specifically, in a truncated fifth wave, the fifth wave falls short of the end of the third wave. In a bullish market, the fifth wave fails to reach or exceed the high of the third wave, while in a bearish market, the fifth wave fails to fall below the low of the third wave.

It's important to note that a truncated fifth wave typically occurs in the wave following an extended third wave, indicating exhaustion of the trend. The truncation is a sign of underlying weakness in the market trend, suggesting that a reversal is imminent.

The rules of truncation include:

A truncation can only occur in wave 5.
The truncation does not move beyond the end of wave 3.
A truncation often ends in the price territory of wave 4. This means it overlaps with the price level of wave 4, which is a violation of the guideline that wave 4 should not overlap with the price territory of wave 1, but it is allowed in the case of a truncation.
In a truncated fifth wave, wave 5 is usually either a simple ABC correction or a short impulse wave.
Interpreting truncated fifth waves can provide valuable insights into market dynamics and can help traders identify potential trend reversals. However, like all aspects of Elliott Wave Theory, it requires careful analysis and should be used in conjunction with other forms of analysis and risk management strategies.

Comment:

This is a more accurate wave counting. We may se a lot of corrections...