GOLD - 3rd of 3rd wave idea uppdated.

FX:XAUUSD   Gold / US-Dollar
493 9
I spent considerable time reviewing my last gold idea from May2nd in which GOLD was possibly starting a 3rd of a 3rd wave?
The wave structure since then has been quite complex and does not show the strength normally associated with a 3rd wave. This has led me to completely look again at the whole chart
since the early 2016 bottom with the following comments:
The correction since early 2016 looks like it could be tracing out a double zig-zag with the A wave complete and the B wave taking the form of a triangle.
In this triangle the A wave is complete and the B wave is taking the form of a double zig-zag with a FLAT taking shape as the(X) wave.
If correct this means that GOLD will drop this coming week to complete the FLAT and then rally to complete the triangle B wave.
As always comments welcome.
Good Luck.
Kommentar: Gold completed the FLAT (X) at around 1206 and has now completed wave 1 of a possible 5 wave impulse. Gold may fall back to around 1223 to test the trend line and then rise in a strong wave 3. One of the Analysts I respect and follow is forecasting strong rises for GOLD & SILVER soon and this fits with my own analysis.
Good Luck
Reaching 1300ish then short to 1190 ok?
Geofftv1 phoe68
@phoe68, gold is in wave 3 of the A,B,C C leg to point Y now. 1300 ish is very likely but once wave 3 is complete I can estimate final targets. After this a drop should occur and again estimates for the drop will depend on the market at that time.
Do an analysis in XAUEUR with both pairs maybe we can brig some light to the matter in the near future for gold I think XAUEUR has more potential to go up that XAUUSD
Geofftv1 LiveProtrader
@LiveProtrader, thanks for comments,I have been learning EWAnalysis for some years and still learning!
I will take a look at XAUEUR soon.
Thanks a lot, please if is not much to ask could you post the weekly Elliot as well from 9/2011 just for learning proposes.
LiveProtrader LiveProtrader
Also i agree with your analysis i am currently using Seasonal patterns for long term trades and July and August ans September are mostly bullish months in gold last past 30 years, which support your analysis, 1215 is a strong monthly support, I thin it will be rejected again in that support, and this year is a complete evidence that is a flat market in gold. Good luck i will be trading with this in mind excellent work, (please if is not much to ask could you post the weekly Elliot as well from 9/2011 just for learning purposes).
Geofftv1 LiveProtrader
@LiveProtrader, from 2011 GOLD has traced out a 5 wave impulse down to late 2015. The current correction is an A,B,C and my target is 1485 or the 50% fib retrace level.
thanks, since 2 weeks ago i am trying to decipher the puzzle now is more clear the picture
Thanks for update
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