I asked Google Gemini:
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 chart
and it gave me this analysis.
I 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.
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.
It does know how to use my favorite indicators.
