Gold Is Expected To Break Out Of The Range
Gregor Horvat | Apr 15, 2015 03:47AM ET
Gold did not move much last week so our view remains unchanged. We are expecting another swing high as we see slow price action in tight range that looks like a triangle in wave b). as such, price is expect to rise to around 1240/1250 before downtrend can be coming back later this month.
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 usually 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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