A look into the Weekly Chart on Gold Futures by ThinkingAntsOk
Use this as a guide to develop your view of the chart:
Main items we can see on the weekly timeframe:
a)The price has achieved our Weekly Target which was the Fibo Extension of the 3rd Motive Wave / On the same zone we detected a resistance before 2015
b)Now we expect a corrective Structure similar to the previous one. From there, we will make new conclusions
c)By now, our only task is to wait and have enough information to develop a new setup (check the link to related ideas to see the previous forecast.)
d)Using Elliott Wave Theory, we can conclude that the five motive waves are completed, and a correction should come.
Main items we can see on the weekly timeframe:
a)The price has achieved our Weekly Target which was the Fibo Extension of the 3rd Motive Wave / On the same zone we detected a resistance before 2015
b)Now we expect a corrective Structure similar to the previous one. From there, we will make new conclusions
c)By now, our only task is to wait and have enough information to develop a new setup (check the link to related ideas to see the previous forecast.)
d)Using Elliott Wave Theory, we can conclude that the five motive waves are completed, and a correction should come.
