Code: Select all
In this M15 Gold chart, I have Woodie Pivot,
Yesterday's Fibonacci High and Low,
a FTLM histogram where you can check for divergences,
Support and Resistance indicator
Please analyze the Elliott Wave of M15 chartI hope in the future, AI will improve and calculate better and better.
It spells "Elliott" wrong so I guess it's not ready yet.
I asked it where's wave A? and it gave the second picture.
It does know how to use my favorite indicators.Based on the M15 Gold (XAU/USD) chart provided, here is an Elliott Wave analysis within the context of the technical indicators shown:
Elliott Wave Structural Analysis
The chart depicts a strong bullish trend characterized by a series of impulsive moves and corrective consolidations.
Wave (3) Impulse: The sharp vertical rise starting from the blue support zone near $4317 through the vertical line likely represents a powerful Third Wave (Wave 3) impulse. These are typically the longest and strongest waves in a cycle.
Wave (4) Correction: Following the initial peak, the price entered a sideways consolidation pattern between $4406 (F61.8%) and $4422 (F76.4%). This horizontal, choppy price action is characteristic of a Fourth Wave (Wave 4) correction.
Wave (5) Extension: The final leg up, breaking above "Yesterday HIGH (100.0%)" at $4449.20 and reaching the FE123.6% ($4475.42) level, suggests price is currently in or completing a Fifth Wave (Wave 5).
Indicator Convergence with Wave Theory
FTLM Histogram & Divergence:
Note that the most recent price peak at $4479.64 is accompanied by a lower peak in the green FTLM histogram compared to the Wave 3 momentum peak.
This is a classic bearish divergence, which often signals the exhaustion of a Wave 5 and the beginning of an ABC corrective phase.
Fibonacci Confluence: The current price is testing the FE 123.6% extension ($4475.42). Wave 5 extensions often terminate around the 123.6% or 161.8% Fibonacci expansion levels.
Pivot Points: Price has surged well past the WPP (Weekly Pivot Point) and the S1 level, indicating extreme bullish extension that often precedes a mean-reversion move.
Forward Outlook (Projected ABC Correction)
Given the bearish divergence on the FTLM and the reach into the 123.6% expansion zone, the market is likely approaching a transition from an impulsive cycle to a corrective cycle:
Wave A Target: An initial pullback likely targeting the previous Wave 4 consolidation area or the F61.8% level ($4406.76).
Support Zones: The blue shaded S&R zones between $4317 and $4338 remain the major long-term structural support should a deeper correction occur.
