Gold has had multiple legs , alternatively going up and down. I my last post the last leg was on its way down and was considered to be completed . However this last leg has extended . This will be the culmination of the 4 th corrective wave and we should have a rally upwards after that.
On monday we may have a rally in gold upwards till about 1735-1780 from its present position at 1700. However once this leg is completed , in all liklihood we can have final downturn till max 1600 from where gold should reach the bottom.(ALTHOUGH BELOW I HAVE GIVE A TARGET OF EVEN 1500 But the last leg down expected to complete in a triangular formation at around 1600
Following series of charts will make it clear.
The wave analysis does come correct but with a rider. If we call out the efficacy at 80 percent , there is still the 20 percent going wrong at any given time. Therefore no elliot wave analysis must be taken as Gods own truth . However it can be used to become cautious in both up and down moves.
Also elliot analysis is subjective and different analysts may get different results at any given time. I have given the numbering extensively in order to have greater participation.