Loading ...Gold Elliott Wave analysis
EW analysis has two wave counts. Bullish and bear.
Bearish wave count calls for gold to move lower from here. Super cycle Wave b completed at last high. Confidence in this wave will be once gold moves lower than the BO point around 1330. Once it moves back in the bowl the target for super cycle wave c down is below 1045.
Bullish wave count calls for to continue higher and confidence will be if it moves higher than previous high of 2011. At last high gold completed cycle wave III. Currently gold is expected to move down in cycle wave iv.
In near term both counts are calling gold to move down for several weeks.
This is just the summary of a detail analysis. Does not look good for gold to go higher in near term.
My personal opinion: Above analysis has been there while gold has continued to go higher for a year or more now. Hummmm?
On the other hand:
https://goldswitzerland.com/the-crisis-will-sink-stocks-and-propel-gold/
There are no safe assets. In 2002 we recommended our investors to hold up to 50% of their financial assets in physical gold. Today in 2020, I consider that up to 100% is the right figure since there are no safe assets except for physical precious metals.
Hi Bikoo! What time frame ar those waves? Does it matter? Does EW take into consideration monthly defined resistance or support? I’m soo confused in with EW… maybe too simple for my brain to register.
As with any analysis, EW is time dependent. The same person could be bullish on the hourly time frame, bearish on the weekly, and bullish on the yearly. Always good to say which time frame you are referring to.
EW is not simple….it is quite complex….which is why I don’t like it