Gold has been very strong the last couple of weeks and it may very well just continue but I want to share my wave count (which I hope is following the rules of Elliott wave correctly).
I believe we are in a very strong irregular wave B of an ABC for the wave 4 on the weekly & monthly TF. The wave B itself is a WXY formation. One argument against this idea is that if gold indeed is in an ABC correction for a wave 4 this correction is very long in terms of time that it will take in comparison to the wave 2 on the weekly & monthly TF. However, I do see a lot of three wave moves even in this bullish move up to new all time highs. Still, looking at the extensions (up to 123% is still acceptable for an irregular wave B and for the WXY extension) a turn down for the wave C is possible.
The alternative is that gold is already in a wave 5 and is going to end its bullish cycle once the uptrend comes to an end which could be around 2523$.
I believe we are in a very strong irregular wave B of an ABC for the wave 4 on the weekly & monthly TF. The wave B itself is a WXY formation. One argument against this idea is that if gold indeed is in an ABC correction for a wave 4 this correction is very long in terms of time that it will take in comparison to the wave 2 on the weekly & monthly TF. However, I do see a lot of three wave moves even in this bullish move up to new all time highs. Still, looking at the extensions (up to 123% is still acceptable for an irregular wave B and for the WXY extension) a turn down for the wave C is possible.
The alternative is that gold is already in a wave 5 and is going to end its bullish cycle once the uptrend comes to an end which could be around 2523$.