Daily Elliott Wave Forecast: GOLD, USDCHF, AUDUSD (03.05.22)

3 May 2022 Amega

Gold plunged on Monday after breaking outside a bearish and bullish channel. With (encircled) wave ii completed, we could see momentum increase as wave 3 seems imminent unless we head back towards 1900/oz.

The Swiss franc continued weakening against the greenback but the pair’s structure hints at further upside as there is no evident wave 4. A correction is expected to print soon, however.

Aussie has formed a corrective structure that resembles an ending diagonal. Volumes point to a finished 3rd wave structure that hints at a short-term upside correction. But it’s unlikely to last.

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