The first leg of ABC did not reach the minimum of 100% fibonacci extension thus price made a decline in 3 waves and a double correction can't be ruled out.
Gold price broke above peak of $1813 and right now it is doing a double correction in WXY Corrective Wave structure from the low of $1682. From low of $1721, price ended with WXY structure at the top of $1813 before pulling back in 7 swings to make X at the low of $1758. Currently price is making 5 waves climb from low of $1758 to form wave (A) and could be...
An alternate scenario from all my previous analysis. However price still can drop into $1700 area if the drop from the peak of $1833 is a 5 wave and not an ABC before climbing back towards $1840 - $1866.50.
Was anticipating for this up move to complete somewhere around 88.6% fib retracement of the previous down move but seem it just made marginal high and could be forming as Expanded Flat Correction . 19k is still the downside target.
Price suggest that WXY Corrective Wave from low of $1721 had completed at the peak of $1813 with minimum 100% fibonacci extension hit for Wave 2 or B.
Price looks to be moving in a triangle Wave (B) of (Y). Soon to be completing E of ABCDE before a move up for a new short term high to complete this whole WXY Structure.
Price is still within Wave (C) of (Y). Completed wave i at peak of $1787 and wave ii at low of $1776 with internal structure formed as Expanded Flat Correction. Soon price will climb to make wave iii, iv, and v to complete this whole WXY Corrective Wave from low of $1760 before continuation down.
Updated wave count for Gold from yesterday analysis. Price suggest that Wave (A) of (Y) has been made at the peak of $1788, and now price currently finishing off wave (B) of (Y) and soon will see another high to complete Wave (C) of (Y) before continuation of move down.
Gold price looks to be making a double correction when Wave (B) of X concluded as an Expanded Flat Correction. We will see another 3 waves ABC upward to complete the Wave (Y) of ((ii)) before continuation to the downside.
Price made 5 waves down move from peak of $1800, suggesting that it might start the impulse of wave 3 (blue). On a smaller timeframe, price currently is doing a correction ABC at least in 3 waves before more downside to be seen.
Gold suggest wave 2/B (blue) ended at peak of $1800. On the hourly, price made decline looks to be in impulsive move suggesting one more low to complete 5 waves down before a pullback in 3 waves at least to happen.
Price might be developing in an Ending Diagonal pattern since the internal structure of wave i of C, ii of C, and iii of C, seems to be moving in 3-3-3 waves which suggest this could be and Ending Diagonal structure.
The Elliott Wave sequence for Gold suggests wave (ii) has been completely resolved at the $1769 high with the internal structure formed as the WXY Corrective Wave from the $1750 low. The price is expected to resume decline soon towards $1734 to complete this entire Expanded Flat Correction ABC structure from the $1781 peak.
Price looks to be forming an Expanded Flat Correction ABC on the hourly timeframe which wave (B) of (ii) suggest to end at the low of $1750 in 3 waves. Expecting price to rise in 5 waves for wave (c) of (ii) before contunuation of the move down towards $1733.
Potential Cypher pattern forming to also complete the Expanding Flat Correction ABC before making a move to $1792.
Price moved in 3-3 waves structure which Wave (B)(black) suggest it ends at peak of $1780 and anticipating 5 waves down to complete wave (C)(black) of (B)(red) before going up in 5 waves to complete the whole ABC structure from the low of $1721.
Just plotting for future reference and also identified a potential Gartley harmonic pattern that could be completed as Wave W before coming down as Wave X for retracement and another 3 waves up for Wave Y.
In my previous analysis, i wrote down a possible WXY Correction however here we have an alternate scenario that could be price moving in a triangle ABCDE before moving higher.