GOLD - Correction might be over
Atualizado
In log scale chart you can see that gold has came down and stopped at around 50% fib retracement
And when we look at the elliott wave structure from 2070
Gold came down as 3 wave which I labeled WXY
After that we had a month long triangle formation which send price down to 1848
Since triangle only occur in 4-b- and "x" wave i interpreted that the triangle is X and the whole correction is "WXY" correction
And I anticipated that Y would composed of 3 waves structures
From 1974 down to 1848, this looks like a double zigzag in which C is equal to 2.618X of length of wave A
So i think the correction maybe over
If 1848 holds, i think gold is ready to move higher to new high soon with target around 2250-2350
Nota
Seller will probably start coming in around 1900
But the trend is up if we are above 1848
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