Gold Price Analysis Using Elliott Wave Theory and Fibonacci

Using Elliott Wave Theory and Fibonacci, I observe that the gold price is currently in wave 4. Rule 3 states: Wave 4 should never enter the territory of wave 1. Additionally, there are guidelines to help count waves more accurately. Unlike the three rules above, these guidelines may be violated. They are:

- Conversely, sometimes wave 5 cannot extend beyond the end of wave 3. This is called truncation.
- Wave 5 often extends or cuts down the trend line drawn parallel from wave 3 with the trend line connecting the start of wave 3 and wave 5.

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I think gold is running wave 4.