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.
- 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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