Elliott Wave 5.0 "Reboot"

Wednesday, February 17, 2016

Gold Intraday Price Pattern Review

I'm labeling this with a Submicro degree top which I think is too small.  The logic is still the same and I will adjust it on the next review. The small recent rally has been pretty shaky or it seems to be going against the trend.  There is a possible triangle in there so if that is the case, then gold could pop down and make one more new corrective low before reversing the trend once again. 

The start of the decline broke all impulse rules so I have to look at gold from a corrective point of view. It may make one more push to the upside as it would help to clear a few 3 wave patterns at the $1216 price levels.  

Short term I am still bearish, but eventually we should get one more leg up.