GOLD: 21 JUL, 2024
© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M (Master's Designation).
Forecast: Bearish
Where are we in Elliott wave analysis? The left-hand chart shows that we are inside the third wave (labeled wave 4-grey). It will basically drop lower in the near term, and after it ends, we will try to look for the 4th wave.
(1D Chart): The broader context suggests that wave ((v))-navy may have peaked, completing the entire wave 3-grey. Consequently, wave 4-grey is unfolding to push lower. It might reach as low as 2,304.7 or even lower.
I haven't concluded whether wave ((v))-navy has fully ended or if it's just the first wave of the entire wave ((v))-navy, but the current decline is quite necessary.
A series of accurate forecasts with gold have been effective, so this is a time when I need more evidence to make further conclusions.
(4H Chart): Since the high of 2,488.4, a five-wave pattern is unfolding to push lower, with wave iii-grey currently active. Whether it will continue to push down or if it is over is not as important as the fact that wave iv-grey is about to open up and push a little higher. After wave iv-grey ends, wave v-grey may return to continue pushing lower.
Forecast: Bearish
Where are we in Elliott wave analysis? The left-hand chart shows that we are inside the third wave (labeled wave 4-grey). It will basically drop lower in the near term, and after it ends, we will try to look for the 4th wave.
(1D Chart): The broader context suggests that wave ((v))-navy may have peaked, completing the entire wave 3-grey. Consequently, wave 4-grey is unfolding to push lower. It might reach as low as 2,304.7 or even lower.
I haven't concluded whether wave ((v))-navy has fully ended or if it's just the first wave of the entire wave ((v))-navy, but the current decline is quite necessary.
A series of accurate forecasts with gold have been effective, so this is a time when I need more evidence to make further conclusions.
(4H Chart): Since the high of 2,488.4, a five-wave pattern is unfolding to push lower, with wave iii-grey currently active. Whether it will continue to push down or if it is over is not as important as the fact that wave iv-grey is about to open up and push a little higher. After wave iv-grey ends, wave v-grey may return to continue pushing lower.
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Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.