I am trying to catch the turnings with my charts and Elliott wave makes very little sense until we see a few of these
bottoms. A free fall like this in gold is enough the scare the pants of many a traders as traders cannot handle such a draw down. Gold ended on a spike which is a good thing and a sharp decline like this is usually the sign of a"C" wave. Next week or so, should tell us what is going to happen after a "C" wave crash.
Any "ABC" crash will completely retrace it self and more
, depending on the degree. Since the peak in early March gold has also made a higher degree "ABC" decline that all need to get retraced as well, especially that crash from the March top to the March 14th bottom.
So at this time there seems to be many reasons to remain bullish on gold.
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