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Gold - The ending diagonal terminated at 1,052.60
Written by Elliott Wave Surfer
Gold - The ending diagonal ended at 1,052.60
We have seen a small five wave rally of the 1,052.60 low and even though, we didn't see a decline to the ideal 1,033 target all requirements for the decline from 1,920.74 has been fulfilled and a larger rally back to the origin of the ending diagonal near 1,395 is now expected.
As a five wave decline has been seen from 1,920.74 more downside action should be seen once the correction in wave B is over. When an ending diagonal terminates, a rally back to the origin of the formation should be expected in about half the time it took to develop. As it can be seen on the weekly chart this ending diagonal has taken 1 3/4 years to develop, so the recovery back close to 1,395 to take close to a year.
PS! When you see a circled 1+ in the rigthhand corner, that means more charts are available. Click on the chart and use the taske-bar, seen in the middle on the bottom of the chart to see the other charts. Just because it says 1+ doesn't mean that only one extra chart is available, in this case 4 charts is available.
Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!
GBPUSD was abolutely 100% too!Unbelievably accu...
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Elliott wave analysis is so difficult to me, but so interesting and useful.
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Hani