Are we witnessing a new Wave pattern in Gold?
NEoWave, Inc.
Founded by Glenn Neely, NEoWave, Inc. is dedicated to advancing trading strategies and Wave forecasting.
Wave forecasters: Have you noticed that the Gold market is behaving oddly?
If you are a Wave forecaster and have been following the Gold market, you may have noticed something unusual. I’ve been following the Gold market for decades and, currently, I’m witnessing price action in Gold that does not adhere to any known Elliott Wave or NEoWave pattern formation rules. What’s going on here?
As a result of this unusual price action, I suspect an entirely new Wave formation may be developing in Gold. To be certain, more time is needed to study this price action. If you are interested in Wave theory and NEoWave concepts, take a look at the chart below to see what I’m talking about. As you can see, Gold is behaving in a fashion that does not adhere to any known Elliott Wave or NEoWave rules. (This Wave chart is from my January 22, 2024, issue of the NEoWave FORECASTING service on Gold.)
To complement the chart in that January 22 newsletter, I added these comments about my NEoWave logic and analysis:
“This may be the first time in 40 years where not a single chart on any timeframe is producing price action that adheres to the known rules of Wave theory. We may be witnessing, in Gold, the start of a new Wave phenomenon. … My suspicion is this pattern will not contain any Fibonacci price or time relationships but will be solely defined by channeling rules. This chart shows my 'first, best guess' on how this pattern MIGHT channel.”
Spotting a possible new Wave formation is exciting news for Elliott Wave practitioners, as I know from first-hand experience. If you’ve read my book (Mastering Elliott Wave) and follow me on social media, you may know that I have discovered several new Wave patterns over the years, expounding on R.N. Elliott’s original Wave theory (which I refer to as orthodox Elliott Wave).
For more than 40 years, I have built on Elliott’s original Wave theory concepts, continually pushing the boundaries to refine Wave theory into NEoWave, introducing logic and objectivity to orthodox Elliott Wave and elevating it to a more scientific level. My longstanding goal is to create a more comprehensive and accurate market analysis and forecasting system. In the process, I have identified multiple new Wave patterns, including:
It all started with Gold!
Looking back to those early years, my interest in Wave forecasting and trading actually started with the Gold market. All those decades ago, I approached markets the way most people do. You get excited by something, and you get involved in the market. In my case, it was the 1980s Gold market, which was going crazy at the time. Gold skyrocketed from $35 to $800 an ounce, and it was the talk of the town so to speak. That got my attention.
This interest in the Gold market inspired me to learn more about forecasting and investing. Reading about R.N. Elliott’s Wave theory was life-changing! This set me off on my four-decade journey to enhance Wave theory, eventually naming my forecasting efforts “neo wave” (now NEoWave).
What’s next in the Gold market?
Long ago I realized that Wave theory is extremely useful for warning you of major risk factors and major turns in a market. Case in point, by applying NEoWave Forecasting rules to the Gold market, I may be on the verge of identifying an entirely new Wave pattern – a potentially all-new, emerging phenomenon. (The operative phrase here is “potential new pattern,” since we need to see how the Gold market develops in the weeks and months ahead.)
When trading a market like Gold, I believe you want a process that’s logical, unemotional, and objective – a process that allows you to know what to do and why you’re doing it. You want a reliable, proven process that offers a very specific way to determine how to pick trades, how to pick the timeframes, and how to pick the strategies. These things have to be spelled out in an objective way, so you remove all the emotionalism of trading. (You want your trading to be based on objectivity, not a Las Vegas-like level of emotion.) In a nutshell, this is what Neely River Trading technology is all about.
I use both NEoWave Forecasting and Neely River Trading as complementary technologies to identify a market’s current Wave pattern (as with the Gold market), then apply specific strategies to objectively trade that market. This win-win set of tools enhances my trading results!
Written By Glenn Neely
Glenn Neely is the author of Mastering Elliott Wave. Founder of NEoWave & Neely River Trading. Trading Advisor & Market Forecaster.
#glennneely #neowave #elliottwave #forecasting #trading #marketstrategy #marketanalysis #tradingstrategy #tradingmentor #gold #goldmarket
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