Thursday, 30 July 2015

Gold bottoming at hourly and weekly chart trend channel supports? 3rd wave rally beginning?

Hourly chart Elliott Wave count suggests that Gold may be putting in at least a short term bottom, ahead of a 3rd wave rally higher, or possibly a C wave. The five waves up from Friday's low (first tweeted on Monday) define the short term trend as up while that low holds. If today's low also holds then we've also seen a near textbook corrective trend channel. Let's see.

Weekly chart suggests that Gold may also be bottoming at larger degree trend channel support.