Elliott Wave 5.0 "Reboot"

Friday, April 22, 2016

Gold Intraday Crash Review



Gold crashed in price to roughly where I expected, even though it traveled a bit further. Gold did not break any major rules just yet so gold should rally one more time if we had an "ABC" crash.  

Diagonal 5th waves can blast upward dramatically in relation to the other waves so we have to be ready for anything at this point. The gold traders would be trying to catch another falling knife and you would have to put your stop below the longest wick in today's downside. I can not give you a price for this as many charts and anything Forex related are at completely different price levels. 

Hopefully this bottom will hold as it would have to hold Sundays opening as well.