Technical studies suggest gold prices could hit new record highs by Q4 2023
Financial Market analysts and market technicians understand that it is fundamental events that cause price changes in all asset classes including stocks, commodities, goods, and services.
Market technicians are acutely aware that fundamental analysis is the root cause of price fluctuations. But by distilling these events into numbers it creates mathematical models that remove conjecture and noise from the process of analyzing and understanding the possible implications of events. Technical studies and the math behind them can distill fundamental events in a language that has much less ambiguity.
Elliott wave theory was developed by RN Elliott in the 1930s. He assumed that financial markets generally thought to behave in a somewhat random manner, in fact, trade in a repetitive pattern. Elliott wave theory creates a count of eight waves to complete the cycle. The first five waves are labeled the motive phase and are composed of three impulse waves that move in the primary trend direction. In between these waves are two counter waves that move in the opposite direction of the trend labeled waves two and four.
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