Elliott Wave 5.0 "Reboot"

Wednesday, April 13, 2016

Gold Intraday Crashing And Banging Around.



Fast rally up and then another sharp drop, that sure looks like it can fit into another correction. 
The $1270 price level would be a critical price level as my entire wave count so far cannot exceed this previous wave 2 price level.  One thing is definite, in an ending diagonal type wave, and that is the price level must not dip above the previous wave 2 peak.  If and when it does, then an instant review must take place, which I have a habit of doing anyways. 

Most of the time I am working or thinking about an alternate wave structure as there are always 5 choices I can look at and the trick is to eliminate as many and as fast as I can.  

When this pattern does get broken, then the entire structure can fit into a diagonal 5th wave which would be very bearish, once it has played out. Also then the $1280 price level could get breached.