I've been waiting for this Ending Diagonal in Gold to finish it's final downward leg.
Now it seems we have overshot the lower trendline and rejected back up.
In Elliott rules for ending diagonals we don't have Wave III as the smallest wave, since wave V is shy of 1 on 1 with Wave III.
Chances are a new bull market is on the way. It even could be the Final bearish leg from the last crash in 2011. So we might be seeing bullish Gold for a really long time.
For the time being I've set a buy stop to go long to at least take advantage of the Wolfe wave setup we see here.
For further buy setups, if any, I'll post them later.
Now it seems we have overshot the lower trendline and rejected back up.
In Elliott rules for ending diagonals we don't have Wave III as the smallest wave, since wave V is shy of 1 on 1 with Wave III.
Chances are a new bull market is on the way. It even could be the Final bearish leg from the last crash in 2011. So we might be seeing bullish Gold for a really long time.
For the time being I've set a buy stop to go long to at least take advantage of the Wolfe wave setup we see here.
For further buy setups, if any, I'll post them later.