Elliott Wave chart analysis for Gold for 26th May, 2011. Please click on the charts below to enlarge.
To see an historic count for Gold please see last analysis here.
Last analysis of gold expected further upwards movement towards a target of 1,532.09 to 1,535.98. Gold has moved higher and is today within this target zone with a high at 1,532.22.
Within blue wave 5 upwards of black wave 5 to end primary wave 3, this wave count sees gold within a minute (pink) fourth wave correction.
Wave 4 pink is unfolding as a zigzag.
When it is complete then gold will be due to make new highs (most likely) in a final fifth wave upwards to end primary wave 3.
At 1,629.43 intermediate (black) wave 5 will reach 1.618 the length of black wave 3.
For fibonacci ratio analysis up to and including wave 3 purple within wave B green of wave 4 pink please see last analysis here.
Wave B green has corrected exactly 61.8% of wave A green.
Within wave B green wave C orange is 3.76 short of equality with wave A green.
Ratios within wave C orange are: wave 3 purple is 2.54 longer than equality with wave 1 purple, and wave 5 purple is just 0.16 short of equality with wave 1 purple.
Wave C green is most likely to take price below 1,462.27 which is the low labeled A green to avoid a truncation.
At 1,462.30 wave C green will reach 0.618 the length of wave A green. This is a target for the next wave down to end. **this target has been edited from first publication**
Wave 4 pink may not move into wave 1 pink price territory. This wave count is invalidated with movement below 1,444.60.
Any further upwards movement to extend wave B green higher may not move beyond the start of wave A green. This wave count is invalidated with movement above 1,575.41.
This hourly chart focusses on detail for wave 5 purple of wave C orange of wave B green, movement since last analysis.
Ratios within wave 5 purple are: wave 3 aqua is 1.38 short of 1.618 the length of wave 1 aqua, and wave 5 aqua is 0.72 short of equality with wave 1 aqua.
Ratios within wave 3 aqua within wave 5 purple are: wave 3 red is 0.91 longer than 1.618 the length of wave 1 red, and wave 5 red is 0.89 longer than 0.618 the length of wave 3 red.
Ratios within wave 3 red within wave 3 aqua within wave 5 purple are: wave 3 teal is 0.57 short of equality with wave 5 teal, and wave 5 teal is 0.12 longer than 1.618 the length of wave 1 teal.
Within wave 5 purple wave 2 aqua is a shallow correction and wave 4 aqua is a deep correction achieving the guideline of alternation.
Wave 1 aqua is an impulse and wave 5 aqua is an ending diagonal.
If this wave count is correct then gold should move lower in a five wave structure from this point. Movement above 1,532.22 would invalidate this hourly wave count.