What will Elliott waves tell us about gold today?

We can see that the 1st and 3rd impulse waves have taken shape, as well as the corrective 2nd and 4th. So let’s then wait for the formation of the 5th impulse wave, the length of which, according to Elliott theory, ranges from 38.2% to 61.8% of the 3rd wave’s length, and place a pending BuyStop order at the level slightly above the maximum of the third wave. BuyStop = 1916.3. Set Take Profit a bit below 38.2% of the movement of the 3rd wave. Take Profit = 2006.6. So, our expected profit will amount to about 4.7% per deal if Elliott waves work as needed :)