MCX Gold had been trading in volatile fashion and has corrected sharply by 600 points in 3 days of time itself. So how can Elliott wave help to trade this from positional perspective?
Below is an excerpt from the daily commodity research report – The Commodity waves short term update.
MCX Gold Continuous 60 mins chart: (anticipated on 16th May morning research)
MCX Gold Continuous 60 mins chart: Happened
Following was mentioned on 16th May morning research report-
As shown in hourly chart, prices have broken its upward sloping blue channel and closed below its previous day’s low. As of now wave iii seems to be ongoing. …. Prices have broken the channel support which brings a sign of concern. A move below 31200 is expected to take prices towards 31000 levels as long as 31350 is intact on the upside… BANG ON!
Happened: Gold indeed corrected sharply in the form of wave 3 and had a severe selloff. This simply shows power of Elliott wave and how it can be used to form trading strategy.
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