Elliott Wave Video Analysis: Gold Trapped In a Triangle

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Good morning traders. Today, let’s take a quick peek at Gold and its mid-term development.

We see Gold trading in a big, choppy, overlapping and sideways price action since the start of 2016. This slow visible structure resembles an Elliott wave triangle correction. A triangle correction is a complex pattern with five legs, with each leg having three more sub-waves. On the daily chart of Gold we see price trading within leg D) of this triangle pattern, which may see more weakness in the next few days, ideally to 61.8% Fib. Level that comes in around 1205 July swing low.

For more detail Elliott wave technical analysis on Gold plus other markets, such as 10 year US note, AudUsd, Bitcoin and Crude Oil, check our NEW video at: https://goo.gl/FM1MGv

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About Author

Grega Horvat
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.
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