Elliott Wave 5.0 "Reboot"

Friday, March 18, 2016

Quick Gold Intraday Review: Give Me More Power "Scotty"

It seems like gold wants to die, but we have some overlapping waves that may stem the tide.   We need a big move to the upside to finish this potential 5th wave and hopefully we will see the start of it early next week. This correction should not have taken more than a few days or 5 days at best. 

The initial crash in March sent gold down in what looks like a great zigzag, this zigzag should still get retraced by 100%. In other words I would love to see one more high in the price of gold before another big correction could happen. 

Our present correction could work as a triangle in a 4th wave position and triangles send a message that a bigger trend change is coming with a higher degree as well.  If yet another new low forms by the end of the day, then we could be in a position of another small zigzag decline. 

If a Diagonal decline is in progress, then gold could be in much bigger trouble than previously thought.