{"id":17137,"date":"2010-12-20T17:30:35","date_gmt":"2010-12-20T22:30:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17137"},"modified":"2010-12-20T17:30:35","modified_gmt":"2010-12-20T22:30:35","slug":"gold-to-trade-higher-on-elliott-wave-and-fibonacci-patterns","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/12\/20\/gold-to-trade-higher-on-elliott-wave-and-fibonacci-patterns\/","title":{"rendered":"Gold to Trade Higher on Elliott Wave and Fibonacci Patterns?"},"content":{"rendered":"<div>\n<p><strong>By David Banister- <a href=\"http:\/\/www.thetechnicaltraders.com\/237-8-3-21.html\" target=\"_blank\">www.MarketTrendForecast.com<\/a><\/strong><\/p>\n<p>The gold bull has been moving in very reliable Elliott Wave and  Fibonacci patterns for many years now, but once in awhile  the waters  get a little murky for sure.  Recently we have seen a fair amount of  volatility near year end as position squaring and year end machinations  take hold.  With that said, it does appear that Gold should be poised to  power higher near term, and I\u2019m looking for a completion to a 5 wave  rally that began from about $1,040 per ounce in February of this year.<\/p>\n<p>Over the past several weeks, I see a clear Fibonacci trading day  relationship on Gold\u2019s swings from pivot highs to pivot lows. 8 days of  correction, 13 days of rally, 8 days of correction is the recent pattern  over the past 5 weeks or so. Below is a chart outlining these crowd  behavioral based patterns that I rely on for both my trading service and  market forecasting services.  You can see the clear relationships,  confirmed by the stochastics indicators at the tops and bottoms as well:<\/p>\n<p><a href=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2010\/12\/TMTF1.jpg\"><img loading=\"lazy\" decoding=\"async\" title=\"The Market Trend Forecast\" src=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2010\/12\/TMTF1.jpg\" alt=\"\" width=\"590\" height=\"575\" \/><\/a><\/p>\n<p>Based on the recent patterns, I believe we completed a minor wave 3  from the February bottom at $1424 a little over 5 weeks ago, and had a  shallow period of 8 days to complete a wave 4 to $1,330.  Now, we are in  the final 5th wave up pattern to complete an entire 5 wave move from  February of 2010.  In the near term then, I\u2019m expecting a pretty strong  rally from this recent $1365 area to at least $1,480 per ounce, and  eventually a good shot at completing the structure at $1525 ranges.   Short term, we should begin a wave 3 up here, followed by a 4th wave  correction, and then a final and terminal 5th wave.  Below is a multi-  month weekly chart view of where I see us heading and where we\u2019ve been.<\/p>\n<p><a href=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2010\/12\/TMTF2.jpg\"><img loading=\"lazy\" decoding=\"async\" title=\"Market Trend Forecast\" src=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2010\/12\/TMTF2.jpg\" alt=\"\" width=\"590\" height=\"483\" \/><\/a><\/p>\n<p><strong>Recently, I completed a brief  E-book on Behavioral Based investing and trading, and it is free for new  subscribers to TMTF or ATP services. If you\u2019d like to stay updated on a  more frequent basis, you can subscriber or otherwise sign up for <a href=\"http:\/\/www.thetechnicaltraders.com\/237-8-3-21.html\" target=\"_blank\"><span style=\"text-decoration: underline;\">weekly  reports at www.MarketTrendForecast.com<\/span><\/a><\/strong><\/p>\n<p><strong>By David Banister- <a href=\"http:\/\/www.thetechnicaltraders.com\/237-8-3-21.html\" target=\"_blank\">www.MarketTrendForecast.com<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The gold bull has been moving in very reliable Elliott Wave and Fibonacci patterns for many years now, but once in awhile the waters get a little murky for sure. Recently we have seen a fair amount of volatility near year end as position squaring and year end machinations take hold.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-17137","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=17137"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17137\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}