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GOLD has rushed lower today in keeping with the preferred wave count and discounting the bullish alternate count.
I have expanded that idea with a series of three impulse waves up shown on the short term chart.
The wave count is calling for a decline in wave (iii) brown.
so the price should be entering an acceleration phase to the downside now.
The structure off the low is not ideal,
but it may be part of a small series of 1,2 waves up.
Crude extended its decline today as wave [iv] brown expanded into a more complex form.
I still view the decline as a double combination correction off the high.
The probability is quite high that another elliott wave signal is now complete off the wave ‘ii’ high.
I have labelled the decline as wave ‘1’ and ‘2’ down.
The price range has contract over the last few days,
Which raises the possibility of a triangle wave [iv] also.
I have shown a lower trendline in red to illustrate this idea.