#Gold Update

16 Jul 2023

In the chart above, I highlighted the preferred scenario now in Gold and Silver - [a][c] flat. Since wave [a] is a clear double zigzag and because Silver invalidated a symmetrical triangle, I would discount the probability of such a triangle in Gold as well. That leaves me with ABC flat, or the whole thing is something else.

However, even one scenario with ABC flat may have a great degree of uncertainty as wave C can take the shape of an ending diagonal as indicated below, or an impulse with wave w relabeled as wave (1) - less likely considering complex structures on minute timeframes. It can also be an expanded diagonal which is always a nightmare for ElliottWave traders.