Monday, 8 July 2019

Gold turning South

Hi Traders,

Gold (now at 1405) initiated a sharp downturn that might drag it down to 1300 and below.

ELLIOTT WAVES

After the low at 5cthe monthly chart staged a 1-2-3-4-5 that seems to be completed. Consequently, Gold could start a downturn to the 1300 area.

This 5 waves pattern looks like a large Wave 4 of a downtrend. In this pattern, the first 4 legs are made out of 3 smaller waves and the last wave (wave 5) is made out of 5 waves.

All this religiously happened: see weekly and daily charts. NOTE: a further confirmation is provided by the Gann "throw over", that occurs where wave 5 shoots through the upper boundary of the wedge. See the daily chart.

The 4-hours chart displays the reverse pattern at 55C5.


Monthly chart. Click to enlarge





Weekly chart. Click to enlarge






Daily chart. Click to enlarge






4-hours chart. Click to enlarge




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