GOLD: 21 JUL, 2024© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M (Master's Designation).
Forecast: Bearish
Where are we in Elliott wave analysis? The left-hand chart shows that we are inside the third wave (labeled wave 4-grey). It will basically drop lower in the near term, and after it ends, we will try to look for the 4th wave.
(1D Chart): The broader context suggests that wave ((v))-navy may have peaked, completing the entire wave 3-grey. Consequently, wave 4-grey is unfolding to push lower. It might reach as low as 2,304.7 or even lower.
I haven't concluded whether wave ((v))-navy has fully ended or if it's just the first wave of the entire wave ((v))-navy, but the current decline is quite necessary.
A series of accurate forecasts with gold have been effective, so this is a time when I need more evidence to make further conclusions.
(4H Chart): Since the high of 2,488.4, a five-wave pattern is unfolding to push lower, with wave iii-grey currently active. Whether it will continue to push down or if it is over is not as important as the fact that wave iv-grey is about to open up and push a little higher. After wave iv-grey ends, wave v-grey may return to continue pushing lower.
