Gold Elliott Wave AnalysisFunction – Counter-trendMode – CorrectiveStructure – ZigzagPosition – Blue Wave Y of red wave IVDirection – Blue wave Y of red wave IV is still in play.Details – Wave (E) of the triangle wave X ended at $2044 after which a breakdown below wave (D) low – $2014 followed. Larger degree blue wave Y pushes lower and could extend in 3-waves to 1940. Therefore, the new invalidation level for this forecast has shifted to $2045 where we have the wave (E) high.Technical Analyst: Malik Awais(Click on image to enlarge)
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Elliott Wave Technical Analysis: Gold – Wednesday, Feb. 14
