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Daily Elliott Wave Forecast: SPX, GOLD, POUND (31.01.22)

31 January 2022 Amega

SPX continued to correct despite trading outside its base channel. Having rallied more than 5% since its crash at 4220, its strucutre suggests the correction could continue a tad higher before the final wave of the expanded flat kicks in.

On the other hand, GOLD continued to plummet to fresh multi-week lows, trading nearly 4% below its peak at 1853. As part of a triangle wave (E), it is expected to move lower, closer to the 1700 round support. Will it confirm the patterrn?

The British POUND kicked the week off on positive footing 0.20% higher but seems to be correcting. Entering the based channel territtory once again hints at a potentially deeper correction though. Will it be an impulse, or a diagonal?

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