Elliott Wave 5.0 "Reboot"

Tuesday, December 1, 2015

December, 1, 2015 Gold Intraday Elliott Wave Review



Late last month gold burst into a rally, which at this time I can still track as an impulse. Unless the correction is a bit bigger than what I have shown, gold should make another attempt at breaking higher. 

It's always nice to catch a small impulse wave as it is good practice for when we get a much bigger run. As I have mentioned many times we need the US dollar to change its trend in order for gold to keep heading north.  My small gold 4th wave fits a triangle, and if it remains true, then a much bigger trend change or correction will happen, once the 5th wave has completed. 

At any time any impulse can fall apart very quickly. We don't always see it in time because of a variety of reasons, but when an impulse falls apart, we have to instantly switch to a move that is a bear market rally. 

At this time I think we have one more leg up, but after that we could see the end of another bullish run.