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An Alien Invasion Will Cause Gold Price To Soar! :: The Market Oracle ::

An Alien Invasion Will Cause Gold Price To Soar! :: The Market Oracle ::

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of (XLF) ETF published in members area of the…

Silver (XAGUSD) cycle from 5.5.2023 high remains in progress with extreme area target of 18.78 – 21.26. Near term, cycle from 7.27.2023 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 7.27.2023 peak, wave ((i)) ended at 24.03 and wave ((ii)) rally ended at 24.85. The 1 hour chart below shows the wave ((ii)) starting point. The metal then extended lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 23.37 and rally in wave (ii) ended at 23.78. The metal extended lower in wave (iii) towards 22.6 and rally in wave (iv) ended at 23. Final leg wave (v) ended ...

Aussie has been bearish since start of the year, with a higher degree A-B-C decline that is still in progress after a recent sharp turn down from 0.69 area. We see wave (C) in play down to 78.6% Fib, where pair may look for new buyers. However, before the trend may turn here, we need five subwaves within wave (C), which is not the case yet when looking at the 4h time frame. Notice that there can be a new drop after subwave (4) rally which is not far away as extended wave (3) can be in late stages here around 2023 lows.