This pair has form a nice perfect zigzag visible on D1 chart. Top down analysis on W1: The recent bearish move in Gold has seen price almost recovered the last gains.
I think there is more room for price to rally further as the current dip looks corrective - a zigzag pattern. The last wave of the zigzag is a clear diagonal pattern. I am expecting a strong bullish move to break above the last high. If this wave count is correct, an even stronger We need some more info which would make the analysis more accurate but taking some standards into account, we can build a trading plan.
Looking inside at the potential The main trend has perforce ended there as it could not have been another wave count which didn't violate In the regular flat: Wave A decline from the high of Wave B was a time-consuming zig-zag that rallied from From this high wave C lower to That low formed in October at lower than I anticipated.
Since then a sustainable rally was anticipated which due to overlapping swings has not bee easy to ride The following decline from 1. Here are my continued thoughts on BCC. We're currently in a descending triangle and probably going to enter into a double ZigZag Elliott correction wave. Who really knows for sure, but the pattern seems tone setting up.
Check out this resource and let me know if I've missed anything: Wave Analysis Elliott Wave. Trading Ideas Educational Ideas 1 Scripts Price in C wave of zigzag. A double zigzag position. Price in the double zigzag corrective wave. From the creators of MultiCharts. Select market data provided by ICE Data services.More...