Hello everyone,
I’m relatively new to Elliott Wave analysis and have been dedicating my time to learning and applying it to the markets. I’ve been working on a specific analysis for Gold (XAUUSD), which I’d like to share and get feedback on from more experienced traders.
Current Analysis:
- Gold appears to be in an overarching Wave 4, forming a zigzag pattern.
- Wave B is complete, and we are currently in Wave C, specifically in the final Wave 5.
- Key target levels based on Fibonacci retracements:
- 23.6% level: $2,554.94
- 38.2% level: $2,485.00
I suspect we are in Wave 1 of Wave 5, and a pullback to the 61.8% retracement could occur before continuing downward. If the price surpasses the $2,651.13 mark, I’ll need to reconsider my wave count and adjust my analysis accordingly.
Request for Feedback:
I’d highly appreciate your expert opinions on this setup:
- Are there areas in my analysis that could be refined or improved?
- How do you approach cases where Wave 1 or Wave 5 proportionally deviates from expectations?
Thank you in advance for taking the time to share your thoughts. I’m looking forward to learning from your insights and growing in this field.
