NeeravYadav

Gold interesting situation (Elliott Wave Analysis)

Viés de alta
FX:XAUUSD   Ouro/Dólar Americano
Surprisingly after hitting the Invalidation mark Gold is moving up as previously expected.
Currently I'm out of the market and waiting for confirmation but this is indeed a very interesting situation.

Theoretically Wave 3 can not be the shortest, in this case it is shortest by 2-3 ticks, it seems that this small difference is being ignored by the market given the fact that Gold is traded in highly leveraged futures contracts.

If the Wave C in Gold has completed at the 1240.85 level then what generally happens is that the market goes to test the Wave 4 level on the chart and once it is breached we have a small 5 leg up move completed by then which is followed by a 3 leg correction and then when the new formed high above the Wave 4 of one lesser degree is breached we call it a confirmation.

I will update further as this market progresses.

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Author : Think with the Markets
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