Rudimentary Elliott Wave Analysis for GOLD - Long Trade

This is another basic Elliott Impulse Wave pattern applied to a long-term long trade idea for Gold. This analysis is very similar to my Siacoin Elliott Wave idea but applied to a different asset class, so I've linked that idea in case you want to check that out and compare the two. This chart is over a 15+ year period and should be treated as a long-term investment strategy. This idea will remain valid unless price crosses below the $1035 mark, which is the top of wave 1 and will invalidate the entire pattern. If you look closely at the naked chart, and I strongly encourage everyone to do so, you will see that the bottom of wave 4 comes very close to the top of wave 1. During that period, price came down to within $6 - 7 of the top of wave 1, but price did not touch that number. This is very important as often waves come very very close to being invalidated but are not. From that point, price has bounced again ans formed a higher low, suggesting the beginning of wave 5. There are many different ways to make entry and manage risk in this trade, and this time I'll leave that the discretion of the individual. Gold price gapped up about $20 on market open Sunday evening and this is also encouraging, as the market has been recently rangebound. The $1250 mark is very significant, as this is a leverage point for mining corporations where in the COSTS of mining an ounce of gold become profitable, and those corporations begin to mobilize their assets in the pursuit of profits, which has a self-reinforcing effect on the price of gold. Be wary of paper gold schemes and vehicles that involve a lack of physical or legal possession of the underlying asset. Contracts for Difference are derived from the price of the underlying asset but trade in their own markets and are thus subject to their own price movements. Happy Hunting Everyone.