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
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.
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
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