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Strategies & Market Trends : Elliott Wave and Index Trends with POKERSAM
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From: POKERSAM2/24/2019 12:41:49 PM
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CorrectedGOLD Some thoughts on gold. Gold dropped from 1923 back in 2011 to 1045 in the end of 2016.
What was this five wave drop? It was Cycle wave A of a correction. We know the correction is not over because it was five waves long. A complete correction is made up of three waves.
When the first wave of a correction is five waves you can expect the correction to be a simple ABC zig zag.
A flat and a triangle correction both have a three wave for the first wave of their pattern.

Since we dropped from 1923 to 1045 in five waves the A wave of this ABC zig zag is complete.

We are now in the B wave. The first and most likely target for a B wave is 38.2% retrace of the A wave. 1381
The second most likely target for the B wave is a 50% retracement of the A wave. 1485
The third most likely target for the B wave is a 61.8% retracement of the A wave. 1585
The B wave must be three waves such as an abc or wxy.
The length of wave B will have bearing on the target for the C wave.

The C wave of the ABC correction will be five waves and most likely be similar in length to A.
So the target for C will most likely be the length of A down from the end of B.
The next most likely length of C will be 61.8% of A.
Wave C will extend below the end of A making a new low.

I suggest you keep this post for future reference.
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