GOLD Price Has An Even More Bullish Elliott Wave Interpretation

Gold 30 minute:

Gold daily:

My Bias - Long towards 1550
Wave Structure - ZigZag correction to the upside.
Long-term wave count - Topping in wave (B) at 1550
Important risk events - USD: Advance GDP q/q, Revised UoM Consumer Sentiment.

Gold prices did manage a higher high this morning to complete wave '1' pink.

Although it did not hit the upper trendline, the internal structure is in five waves
so this market remains with a fully bullish stance.

The declines this evening may be the beginning of wave '2' pink.
I have shown a trend channel around the declines,
Wave '2' pink should trace out three waves.
so it is likely that the lower trend line will be reached again to complete wave '2' pink.
That could happen at about 1250,
This is where the price will again meet the larger rising trend channel.

So the outlook is for the market to continue a large rally in wave 'iii' brown next week.

I have been examining the wave count on the daily chart over the last few days,
And I think I am being conservative in both my wave count and the upper target.
There is a very real possibility that the corrective phase in GOLD is complete at 1046.
And that the market is gearing up for a new impulsive five wave rally to new all time highs.
I have shown the alternate wave count as a (1) (2) pattern to the upside,
And the price could be rising in wave (3) blue right now.
The initial target for wave (3) blue is at 1666, where the price hits the Fibonacci extension of wave (1) blue.

All shall be revealed in time…but this is one to watch.

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28 July 2017 Gold-Eagle