Gold is currently showing signs of developing a contracting Wave 4 triangle, which aligns well with the broader Elliott Wave structure.
After completing Wave (3), price appears to be carving out an A–B–C–D–E formation inside a narrowing channel. Each leg is respecting the internal triangle boundaries, suggesting that bulls are consolidating before the next impulsive leg.
🔍 What I’m Watching
Wave (A) and Wave (C) have already printed, with strong reactions at the lower channel line.
Wave (B) and Wave (D) are forming lower highs inside the internal corrective structure.
Price remains supported by the major ascending channel, keeping the uptrend intact.
A clean Wave (E) touch on the lower triangle boundary would complete the pattern.
🟦 Bullish Scenario
If Wave (E) completes successfully on support and we break above the internal triangle resistance, this can trigger Wave (5), targeting the upper boundary of the long-term channel.
🔻 Bearish Risk
Invalidation occurs if price breaks below the ascending channel support, which would negate the triangle structure and open the door to deeper retracement levels.
📈 Conclusion
The structure favors consolidation before continuation. As long as the ascending channel holds, the bias remains bullish with anticipation of Wave (5) after triangle completion.
After completing Wave (3), price appears to be carving out an A–B–C–D–E formation inside a narrowing channel. Each leg is respecting the internal triangle boundaries, suggesting that bulls are consolidating before the next impulsive leg.
🔍 What I’m Watching
Wave (A) and Wave (C) have already printed, with strong reactions at the lower channel line.
Wave (B) and Wave (D) are forming lower highs inside the internal corrective structure.
Price remains supported by the major ascending channel, keeping the uptrend intact.
A clean Wave (E) touch on the lower triangle boundary would complete the pattern.
🟦 Bullish Scenario
If Wave (E) completes successfully on support and we break above the internal triangle resistance, this can trigger Wave (5), targeting the upper boundary of the long-term channel.
🔻 Bearish Risk
Invalidation occurs if price breaks below the ascending channel support, which would negate the triangle structure and open the door to deeper retracement levels.
📈 Conclusion
The structure favors consolidation before continuation. As long as the ascending channel holds, the bias remains bullish with anticipation of Wave (5) after triangle completion.
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Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.