Elliott Wave 5.0 "Reboot"

Thursday, February 18, 2016

Gold Intraday Rocket Ride Review

Instead of crashing gold only made a partial decline and then shot upwards. Invert  this pattern  is what I would have liked to have seen happen, but it is still hard to justify this as a great impulse. 

From the bottom very early this morning gold had a great looking impulse and it would truly have to still soar dramatically, if this were the start of a true impulse.  I think there is still a very good chance of gold only being a correction. In a flat situation gold may find support at the $1180 or so price level.