GOLD - wave analysis, update for wave 4
Hi All!
Wave 4 Correction Before Further Growth
Gold appears to have entered Wave 4 of a five-wave Elliott impulse from the 2955 level and is now in a corrective phase before resuming its uptrend.
🔹 Key Levels to Watch:
1️⃣ 2860 – A potential termination point for Wave 4, as multiple support levels converge here:
• 0.23 Fibonacci retracement
• Upper boundary of the Wave 1-2 channel
• Median line of the Wave 1-2-3 channel
Gold is expected to find support at this level unless significant bearish fundamental factors emerge.
2️⃣ 2800 – If 2860 is broken due to negative data, the next key support zone is around 2800, which coincides with:
• 0.38 Fibonacci retracement of Wave 3
• Previous historical high zone
• Lower boundary of the primary parallel channel
• Median line of the Wave 1-2 channel
🔹 Potential Wave 4 Structure:
• Most likely scenario: A triangle formation, making 2860 the key Wave 4 extreme.
• Alternative scenario: A zigzag correction, extending down to 2800.
🔹 Momentum Indicators to Watch:
• AO Indicator should reset to zero, eliminating overbought conditions.
• RSI should drop to at least 50-40 to confirm a sufficient correction.
🔹 Timing Expectations:
• Wave 4 is expected to complete by mid-to-late March.
• At the latest, the correction could extend into April before the uptrend resumes.
📊 First target for Wave 4: 2860. Monitoring price action at this level to refine further projections.
Wave 4 Correction Before Further Growth
Gold appears to have entered Wave 4 of a five-wave Elliott impulse from the 2955 level and is now in a corrective phase before resuming its uptrend.
🔹 Key Levels to Watch:
1️⃣ 2860 – A potential termination point for Wave 4, as multiple support levels converge here:
• 0.23 Fibonacci retracement
• Upper boundary of the Wave 1-2 channel
• Median line of the Wave 1-2-3 channel
Gold is expected to find support at this level unless significant bearish fundamental factors emerge.
2️⃣ 2800 – If 2860 is broken due to negative data, the next key support zone is around 2800, which coincides with:
• 0.38 Fibonacci retracement of Wave 3
• Previous historical high zone
• Lower boundary of the primary parallel channel
• Median line of the Wave 1-2 channel
🔹 Potential Wave 4 Structure:
• Most likely scenario: A triangle formation, making 2860 the key Wave 4 extreme.
• Alternative scenario: A zigzag correction, extending down to 2800.
🔹 Momentum Indicators to Watch:
• AO Indicator should reset to zero, eliminating overbought conditions.
• RSI should drop to at least 50-40 to confirm a sufficient correction.
🔹 Timing Expectations:
• Wave 4 is expected to complete by mid-to-late March.
• At the latest, the correction could extend into April before the uptrend resumes.
📊 First target for Wave 4: 2860. Monitoring price action at this level to refine further projections.
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