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Elliott Wave Analysis & Forecast, GOLD – XAUUSD, M1, 20210115

gm January 15, 2021

 Elliott Wave Analysis & Forecast, GOLD – XAUUSD, M1, 20210115




Refer to my previous analysis of 25th May, 2019 where we assumed that correction in green wave 4 has completed its second wave b but it was not the case after reviewing and recount waves, it has observed that green wave 4 ended at 1046 on December, 2015 and prices are rallying in last green wave 5. The Ideal target for this green wave 5 is near 2350 where long term upper resistance line meet.


Green wave 4 started from 1920.00 and composed of simple correction in red abc and last wave red c formed ending diagonal finished at 1046. After that we saw nice rally in red wave 1 and 3 of Green wave 4 forming short term top @ 2073.


Now prices is going down in red wave 4 and the ideal target of this wave will be 1733.00 before new rally will start towards 2350. But keep in mind red wave 4 can retrace down to 1367 but not below that. As Elliott wave principle wave 4 cannot travel to territory of wave 1.


 muhiuddin


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Posted by: gm

Currently working as Senior Analyst in Tijarat Network, a leading provider of in depth market analysis, research and trade recommendations for Forex, Stock, Indices and Commodities. Tijarat Network where analysts sit together, analyze technical and fundamental factors, conclude market direction and then issue analysis and forecast regarding where they believe the markets are heading. Elliott Wave Theory is a major factor that contribute in financial forecast. We value our reputation and always fulfill our obligations toward clients and partners.

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