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Elliott wave GOLD

Elliott Wave Gold 1 Hour Chart
Wednesday, 22 February 2012 at 2:40:00AM AEST
Gold finally managed to broke through 1745 mark and is now accelerating as expected into wave three of three, which is targeting 1766 projected level; 161.8% extension of wave (iii). Critical region is now being moved higher, to 1735.

Elliott Wave Gold 4 Hour Chart
Tuesday, 21 February 2012 at 5:45:00PM AEST
-sideways
No doubt a decline from a top is corrective, the only question is when market will continue higher, towards 1800. Well, we can see that recently, market already made an important break through the falling trend-line. Now we also want to see a break through the rising resistance line, which will provide acceleration within wave 3 of 5). Daily close price will be very important today.

Elliott Wave GOLD Daily Chart
19 February 2012

-wave (1) underway

Gold made a sharp, impulsive rally from its recent lows and now also trades well above the falling channel line. As such, we have all in place for this market to continue higher this year. Retracement from all-time 1920 high was in three waves, so wave IV lows are now locked in, which means that trend should continue higher into a wave V, ideally towards $2000 in coming months. Next stop for the bulls will be 1800 zone.

Elliott Wave GOLD Weekly Chart
05 February 2012

-wave IV done

Gold found a support in the past weeks, and reversed impulsive from 38.2% retracement level, measured of wave III distance. This is the most typical reversal zone for fourth waves, so based on Elliott Wave guidelines, we need to considering end for corrective pull-back from 2011 highs and new bullish cycle for wave V towards $2000 in months ahead!