GOLD Is In Pullback Mode: Elliott Wave Analysis

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GOLD Elliott Wave

GOLD 4h Elliott Wave Analysis

GOLD Elliott Wave
GOLD Elliott Wave

 

Gold is in a pullback mode, much deeper than was firstly anticipated but despite lower price in the last 24 hours we see pullback in three waves. As such, any bullish price action should not be ignored yet. We adjusted the wave count and see now completed five wave rally at 1307 followed by a current set-back in three waves that can stop at 61.8-38.2% retracement zone. A five wave rally from here will put gold back in bullish mode. we need to be patient now, to make sure if we are on the right track with the count or no.

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.