Elliott Wave 5.0 "Reboot"

Saturday, February 27, 2016

Gold Intraday Potential Bearsih Review.




Besides a potential "ABC" looking crash the pattern can be the start of an impulse heading down as well. I started labeling it with my standard 1-2, 1-2, 1-2 count which will make wave three the longest. 

If we trace back to the 15th bottom, we only had overlapping waves with no clean impulse waves,  except for the smallest degree.  That February 15th bottom,  I have an "A" wave and technically speaking, I think gold has yet to fall below that bullish start. 

With a triangle inside a potential "B" wave we know I will be forced to create a higher degree  top once the 5th wave is completed. 

If gold starts to break down early next week, (Sunday night) then watch out as it may keep right on going with a "C" wave decline. Even though it finished on a spike on Friday, gold could fall and take out this spike for a trip well below $1190. 

If and when this "ABC" completes, then we could still be faced with a 3 wave bullish phase, which will be harder to catch.