Elliott Wave 5.0 "Reboot"

Wednesday, April 20, 2016

Gold Intraday Review: April, 20, 2016

Gold has finally made a dramatic move to the downside but this can still be a fake move as the drop was at a very steep angle.  Since the beginning of April the moves the gold market has made sure can fit into an ending type move as so many waves overlap each other.  Starting in April,  I had a 7 wave count, which still needs to be completely retraced, but with no time limit. 

It may take another month to do, especially if we get one more gold pop to the upside. This can travel to a new high, but it must not break the $1270+ price level. Trying to catch a falling knife must be accompanied by a stop, mental or otherwise, as we are dealing with intraday price moves that are extremely hard to play.