Gold may extend its rally!!!

Hello Friends,

In my last post on gold i posted the elliott wave count indicating that the rally will end near $1420.
But after the end of wave 4 at 1354.5 the wave 5 should not have breached $1423. Now since the rally of expected wave 5 have ended at $1434 which above $1423, the count get invalidate.

Invalidation of Wave C into expected 5 waves indicates that the wave C haven't ended here.
So we may see further upside in gold with the expected waves shown in image below.

Assuming wave C will extend further rally in gold may continue.
Invalidation of the count will be below 1384.1 and conformation will be above $1344.

This is just for educational purpose please consult your advisor before trading.

Regards
Rinkesh Jain

Gold (Comex) Elliott Wave count.

Hello friends,

This is Gold (Comex) hourly chart.
Currently we are in wave iv of wave C.
I think wave iv will form a triangle pattern and wave v will continue.
Wave i moved almost 70$ and wave iii moved 69$.
Since wave iii is shorter then wave i, wave v will be shorter then wave iii.
So the target for wave v will be less then 69 points from end of wave iv.
If wave iv forms a triangle, then if also confirms that this wave v will be a last leg from here and we may see a downside from that last leg.
Assuming wave d of wave iv goes up till 1375 and then wave e of wave 4 comes down till 1758 then wave v will end around $1420.

This is just for educational purpose please consult your advisor before trading.

Regards
Rinkesh Jain