Wedge on gold over; more weakness in store - Elliott wave
GOLD turned sharply to the downside yesterday in impulsive fashion, which is expected whenever a rising wedge or ending diagonal is being observed.
We see a sharp break below the lower ending diagonal line, and impulsive price action which is an inidcation that bears are in control on the 4h chart. Ideally gold is now making a new five-wave move for a higher degree wave C of (E). Be aware of temporary pullbacks (ii, iv).
Another break below the lower corrective parallel channel line would be another evidence for a bearish turn.
We see a sharp break below the lower ending diagonal line, and impulsive price action which is an inidcation that bears are in control on the 4h chart. Ideally gold is now making a new five-wave move for a higher degree wave C of (E). Be aware of temporary pullbacks (ii, iv).
Another break below the lower corrective parallel channel line would be another evidence for a bearish turn.
