SUMMARY
Last month, I had blogged about GOLD and how Elliott Waves and Chart Patterns were pointing to a very nice looking zigzag correction. The below chart was used to show the abc zig zag correction. In the analysis, I had also written that the bear flag could rise higher and mark the new location for the B wave.
Here is the updated Gold chart, with correct degree of trend labels also! The red A wave has solid, nearly undeniable five subwaves making the ZigZag that much more likely. The red B wave has been repositioned to the right since the current bounce is likely to range around $1,374 and $1,579 or so. IF the smaller red C wave rises higher than red A wave, so this updated label is not yet in effect. I still remain overall bearish on GOLD and believe that the larger down C wave is still on call. Given how extended the wave 5 was; typically, the retrace is usually to prior wave 4 and often beyond!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financil or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Elliott Wave Counting Tutorial #1
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