From TradingView · · 50s
Gold Wave 3 Starts
Gold breaks falling wedge as Wave 3 begins.
In brief
Gold breaks falling wedge as Wave 3 begins. Gold price breaks Wave 1 high to start Wave 3 of Elliott Wave pattern. Originally reported by TradingView.
Elliott Wave Pattern
This idea presents Gold's recent move down as a Wave 2 of 5 forming a falling wedge pattern.
Wave 3 Expectation
Price is expected to break the top of Wave 1 to start Wave 3 of 5.
Take Profit Target
The take profit target is set at the top of Wave 1 of 5.
Stop Loss Setup
Stop loss is set where the count would be invalidated by a 5th wave.
Wave 3 Breakout
Price breaks Wave 1 high to confirm Wave 3 of 5 pattern.
The main idea
Gold price breaks Wave 1 high to start Wave 3 of Elliott Wave pattern.
