In my last video report I discussed the 2 possibilities or the Wave counts that can take place.
The last article suggested that either the Wave 2 in Gold was completed at 1240 and it has started the Wave 3 and is in Wave 2 of Wave 3.
The second probability was that it was in a Flat correction.
Situation Now :
Gold has attained the first suggested target that is 1247, breached it and seems to be treating 1247 – 1250 region as resistance, this suggests to me that the Wave is progressing as a Wave C and only once it goes a little below 1240 can we think of the Flat pattern getting completed.
Target 1 : 1240
Target 2: 1226
Gold moving down as expected (Elliott Wave Analysis) follow up 5th April 2017
Note : If the market moves above the boxed zone and takes it as support then the probabilities would suggest long side trades.
I will update further as this market progresses.
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