Gold elliott wave and time@mode analysis (2016-06-25)

Gold was bottomed at December 3rd last year and was confirmed at December 17th with a double bottom. I made an elliott wave analysis previously and pointed that the five waves down were finished and would start a three waves correction.

From elliott wave analysis the wave A correction has raised from 1046.23 to 1263.37 with 70 days. Then it underwent an expanding triangle correction for 109 days which is wave B. It broke out of the correction region at Friday. If this breakthrough is confirmed in the following week, gold will head for higher.

I made a time@mode analysis based on @Tim West and @Ivan Labrie's method.
Price target:
TP1: 1391
TP2: 1463
Time target:
T1: August 31th
T2: November 04th

Good luck for everyone!

Notes: Pay attention to whether the breakthrough will be confirmed in the following week. If it does, gold is in wave C.

تعليق:

Gold got supporeted from previous choppy area. The breakthrough was confirmed!

تعليق:

The bull looks good so far.

تعليق:

The bull is good so far. Break out of the bull flag.

تعليق:

It seems that price retested the expanding triangle and got supported from the red line. It is a good opportunity to join the long again.

The price has broken out of the bull flag.

Good luck for everyone!