GOLD - Interesting Pattern On the Move! (Elliott Wave)

Hello again fellow traders!

GOLD can be trading at the end of a bigger, complex correction, known as a triangle pattern, with latest fall representing final leg E. If that is the case, then a three-wave drop can now be in progress, with possible support and turning point area near the Fibonacci ratio of 50.0 or 61.8 (1405/1400 region).

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Gold, 1h

gold, intra.

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.

Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination.

An EW Triangle pattern: