Are we witnessing an entirely NEW Wave pattern?

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Glenn Neely, renowned financial forecaster and author of Mastering Elliott Wave, announced the possible discovery of an entirely new NEoWave formation emerging in Gold.

In his NEoWave Forecasting newsletter on the Gold market dated January 22, 2024, Glenn Neely announced that he may have spotted an entirely new Wave formation. To explain this emerging new Wave pattern, Mr. Neely shares his January 2024 issue of NEoWave Forecasting on GOLD chart and analysis (see chart below). This is exciting news for Elliott Wave practitioners, as Mr. Neely is known for discovering completely new wave patterns after Ralph Nelson Elliott's original Wave theory.

In his newsletter, Mr. Neely stated:

"For the first time in more than a decade, I'm witnessing price action in Gold that does NOT adhere to any known Elliott Wave or NEoWave pattern formation rules. As a result, I suspect an entirely new Wave formation is 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, be sure to review the chart (below) from a recent issue of the NEoWave FORECASTING service on Gold."

In that January 22 newsletter presenting this NEoWave Gold Forecast, Mr. Neely offered these comments:

"NEoWave Logic: This may be the first time in 40 years where not a single chart on any timeframe (6-monthly, monthly, weekly or daily) 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."

"NEoWave Analysis: In prior, recent updates, I stated Gold is behaving in a fashion that does not adhere to any known Elliott Wave or NEoWave rules. It is for that reason I suspect we are witnessing a NEW wave phenomenon. The color I’m assigning this pattern is green. 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."

Glenn Neely discovers new Wave patterns years after Ralph Nelson Elliott's original wave theory

In the 40 years Glenn Neely has expounded on orthodox Elliott Wave to develop and refine NEoWave, he has discovered multiple new Wave patterns. These include:

• Neutral Triangle

• Diametric Formation

• Symmetrical Formation

• 3rd-Extension Terminal

• 5th Failure Terminal

• Reverse Alternation

Glenn Neely's interest in forecasting and trading started with Gold.

In an interview, Mr. Neely shared that he approached markets the way most people do, noting, "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. 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 Gold spurred him to learn more about forecasting and investing. Reading about R.N. Elliott's Wave Theory was life-changing for Glenn Neely. He set off on a 4-decade journey to enhance Wave Theory, eventually naming his forecasting efforts "neo wave" (now NEoWave). With its step-by-step, practical applications, NEoWave has transformed Elliott Wave into a more comprehensive and accurate market analysis and forecasting system. A key point is that NEoWave introduced logic and objectivity to orthodox Elliott Wave, elevating it to a more scientific level.

What's next in Gold?

Glenn Neely explains 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, he is identifying a possible new pattern - a potentially all-new, emerging phenomenon - and may be on the verge of discovering an entirely new Wave pattern.

When trading a market like Gold Mr. Neely says, "You want a process that's logical, unemotional, objective. A process that allows you to know what to do and why you're doing it. A process that offers a very specific way to determine how to pick trades, how to pick the timeframes, and how to pick the strategies. All these things have to be spelled out in an objective way, so you remove all the emotionalism of trading. This allows you to trade objectively. In a nutshell, this is what Neely River Trading technology is all about."

 

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Released by Glenn Neely on Monday, January 22, 2024.

NEoWave Logic:
Pattern Unknown (from black arrow)
This may be the first time in 40 years where not a single chart, on any time frame (6-montnly, monthly, weekly or daily) 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.

NEoWave Analysis:
In prior, recent updates, I stated Gold is behaving in a fashion that does not adhere to any known EW or NEoWave rules. It is for that reason I suspect we are witnessing a NEW wave phenomenon. The color I’m assigning this pattern is green (since it is the only color left). My suspicion is this pattern will NOT contain any Fibonacci price or time relationships but will be solely defined by channeling rules. Above is my "first, best guess" on how this pattern MIGHT channel.

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