This my try on Elliott wave theory, the chart is of Gold(USD).
The High of 1900 is end of wave 5.
Then the price moved to 1525(subwave a) to 1800(subwave b) to 1525 again(subwave c). completing the whole 'W' wave.
Wave X moved till 1780 and then the finally corrective wave Y started.
Wave Y seems to divide into five wave pattern.
Subwave i(Leading triangle) = 1625.
subwave ii(Triangle) = 1675.
subwave iii(5 wave pattern) = 1520
subwave iv(Running zigzag) = 1585
now this wave iv can also form a triangle here.
So either the price move in a sideway direction or there can be a down fall in the price around till 1450$.
Please Note:-This is just for educational purpose. I will not be responsible for any decision taken on this behalf.
I made a final project on Elliott Wave theory and if anybody want to have a look then they can download it from scribd. Here is the link:-
ReplyDeletehttp://www.scribd.com/rinekshj