#Gold overall wave count
The overall wave count of hashtag #gold's primary bullish move on the daily timeframe shows we are nearing the top of wave 3 in this impulsive move that started in November 2022.
I believe we are approaching a critical point where wave 3 will complete, followed by a potentially manipulative wave 4, which could set the stage for an extended wave 5—possibly triggered by an hashtag #economic_shock.
However, let’s not get ahead of ourselves. It's crucial to first evaluate how much further wave 3 could advance.
In the chart, I’ve labeled the move across four degrees. Currently, I believe we are completing wave 5 of (3) of ⑤ of iii. This suggests that once wave 5 is complete, which may not be far off, wave (3) will also finish. One possible completion zone for wave 5, based on Fibonacci tools, lies between 2725 and 2730.
For further insights into how wave 4 might unfold and its potential retracement against the primary trend, please refer to the chart, which offers a more detailed view of price targets.
I believe we are approaching a critical point where wave 3 will complete, followed by a potentially manipulative wave 4, which could set the stage for an extended wave 5—possibly triggered by an hashtag #economic_shock.
However, let’s not get ahead of ourselves. It's crucial to first evaluate how much further wave 3 could advance.
In the chart, I’ve labeled the move across four degrees. Currently, I believe we are completing wave 5 of (3) of ⑤ of iii. This suggests that once wave 5 is complete, which may not be far off, wave (3) will also finish. One possible completion zone for wave 5, based on Fibonacci tools, lies between 2725 and 2730.
For further insights into how wave 4 might unfold and its potential retracement against the primary trend, please refer to the chart, which offers a more detailed view of price targets.
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Lower timeframe #elliottwave update
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