NEoWave analysis on XAUUSD by Enayat Ashkian Overal Pattern Type: Correction Wave ((A)) : It is started after the triangle and formed a normal Zigzag pattern and completed after a triangle. Wave (A) in ((A)) Pattern : Impulse trending Wave (B) in ((A)) Pattern : Irregular Flat Wave (C) in ((A)) Pattern : Impulse trending Wave (B) / Wave (A) : About 35% Wave (C)...
After the previous article in which I discussed how Gold might be moving in a 3 legged correction, it achieved the target 1 mark and then started moving hesitantly in a sideways fashion, now it seems that the correction might have taken a complex structure and quite possibly a Triangle. Please note that this can also be some form of complex flat structure however...
In the last update I shared my view that Gold should rise up for the 5th Wave to complete the circled Wave 3 which it has. Alternate count in Green. However at this point it seems that either that Wave 5 is a Truncated 5th or that it is Wave B of a Flat correction. This is all evident to the fact that the double bracketed Wave 5 looks more like a 3 leg up. Hence...
It seems that Gold has just completed or is propagating in the Wave 4 of a larger degree up move. The strategy from a positional perspective is to Buy on Dips and very huge upside still remains. I will update further as the market progresses.
I have previously discussed some probable count for Gold and would like to add to this possibility this particular count which points that a small leg up still remains before we see the Wave 2 of 3 correction. Basically if this count plays out then we will see Gold going atleast till the most recent high 1295 and even 1300 levels before giving the all important...
The current wave progression seems it is progressing as an Expanding Ending Diagonal. The wave measures of Wave 1 -3 and Wave 3-5 are also having a 1.236 relationship which just adds on to the evidence. If this pattern is correct then the market should face strong resistance at the upper channel line and see good strong selloff. I will update further as this...
As long as the red trendline is not broken on the upside I don't think there is much point in looking at bullish counts, hence I have only discussed the most probable bearish count in this article. Looks like the Wave B was a double Zig Zag and the Wave C has already started as an impulse down in 5 Waves. Based on this count the most probable target for C are :...
In my last article I discussed the 2 possibilities or the Wave counts that can take place. The last article suggested that either the Wave 2 in Gold was completed at 1240 and it has started the Wave 3 and is in Wave 2 of Wave 3. The second probability was that it was in a Flat correction. Situation Now : Gold has attained the first suggested target that is...
In this article I have discussed the 2 possibilities that can play out in Gold (XAU USD). The market is either moving as a Flat in the Wave C (Consider the Count in BLUE) OR It has already completed the Wave 2 correction as a double Zig Zag and is currently in the Wave 2 of the 3rd (Consider the count in RED ), in both cases it looks that we should see the...
It looks like that till now the correction has been an Double Zig Zag type of move, perfectly moving within the channel. Noteworthy point : Wave A = Wave C in both the Zig Zags. The 50-60 region is near 1250 to 1253, generally if the market takes support above this level it should atleast testing the most recent high near 1260. As long as this market remains...
In my previous forecast I was expecting that the market will turn around 1260 region which is exactly what happened. It seems that the market is now going down in a corrective structure and should face support near the 1235 to 1220 region. I might have to make some changes to my previous counts, but that is all some technical stuff, the market is basically...
In my previous posts I looked at both the bullish as well as the bearish possibility and pointed out that if the market takes support over the 1244 mark then that would increase the possibility that the bullish count will play out. As of now the market has clearly taken support over the 1244 mark and hence I believe that the current leg up from 1194 was the Wave...
In the last article I talked about the bearish count which is my main count, but looking at this very impulsive move we must consider the alternate scenario and hence I'm writing this article. As per the presented count I have considered that the Wave 2 progressed as a Running Flat type of correction and ended around 1195. Course of Action : If the market...
In this article I will be discussing my Main Elliott Wave Count for the Gold Market. It seems that we are in corrective Wave 2 and within this Wave 2 we are just about to complete Wave B. We should look for reversal near the 1240 region and and if a reversal occurs as I expect it to then the market should turn around and achieve levels uptill 1176. SL can be...
After completing a double Zig Zag type of correction (discussed in my previous post) Gold now seems to be going up in an impulse, however the currently it seems to be in Wave 2 which looks like a Zig Zag indicating that prices can head lower from 12000 to 1175 region. This is the main count as of now and the leg one seems to be a Leading Diagonal, other counts...
In the previous post I discussed how both the main and the alternate counts were referring to the same fact that a rally in Gold was possible. Here I have discussed the same count on hourly time frame and it seems that we are in the 3rd or the 3rd of the 3rd as per this count. I have given the hypothetical wave progression along with the Invalidation mark which...