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GOLD Looks For New High After Breaking Traingle

GOLD 1h Elliott Wave Analysis

GOLD prices could see higher levels from here as wave C within a triangle can be finished near 78.6% Fib. support that we highlighted it yesterday. So ideally triangle is still unfolding with wave D now in view up to around 1210 resistance.

Elliott Wave Education: Triangle Pattern

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

Contracting Triangle

  • structure is 3-3-3-3-3
  • each subwave of a triangle is ussaly a zig-zag
  • wave E must end in the price territory of wave A
  • one subwave of a triangle usually has a much more complex structure than others subwaves
  • appears in wave four in an impulse, wave B in an A-B-C, wave X or wave Y in a double threes, wave X or wave Z in a triple threes

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