Elliott Wave 5.0 "Reboot"

Friday, April 15, 2016

Gold Intraday Bullish Phase Review!



This will be my last posting today and gold is always a good one to do even though some wave counts remain foggy at the best of times.  So far this bullish phase still looks corrective as we started out with overlapping waves in less than a day. 

Unless I am missing a bigger picture gold should resume its trend down. As far as I can see there still should be some upside left for a few more days, but eventually it should turn south one more time. 

The 4th wave top which I have at the Subminuette degree top came from a 7 wave run, which are corrective waves and 7 wave structures always get retraced. This would still give us a target of below $1210. 

The entire structure can still work as a triangle so all is not lost just yet, but I do expect more downside to come.