I'm just playing here a bit. Trying to model the possible scenarios. Both, using past volatility and through some sort of Elliot Wave analysis.
It appears we are in a forming WAVE 1 (expansion), or could be a WAVE 3 from last climb. Also, we might be entering a ABCDE pattern, triangle or compression pattern. Let's see how it evolves. I'm long, of course, follow the trend.
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I forgot to say that given the price suggested at the top of the EW analysis, it would mean a 9% net gain for gold for the first half of the year, so, if it finally follows this plan, the second half of 2018 could imply a correction to keep things on balance, but since last year we got a 12% gain in gold price, it is easily doable given that inflation is rising since 2015 (and see what the trend of gold has been since)... Cheers.
Hi cacus ,Wave 3 u have as the smallest , not that it matters but i thought the rules was wave 3 is often the longest never the shortest ? im a EW noob so just wondering
@Sharecrazy, yeah, it is called diagonal expansion. It is a mod from original impulse wave. I can't say it is good for a signal, but it applies for analysis of previous movements. Same with triangle ABCDE (12345).