Premium Elliott Wave Analysis
GOLD dropped back into support at 1323 this evening after a short lived rise yesterday
The wave structure still suggests an expanded flat correction in wave ‘iv’ brown
GOLD recovered slightly today,
The expanded flat correction in wave ‘iv’ brown may have completed at the lows of the day.
For the next few days I do expect the price will rebound to new highs in wave ‘v’ brown.
A break of the wave ‘b’ high will confirm wave ‘v’ is underway.
If todays rally develops into a three wave correction,
That will form wave ‘ii’ pink.
And with that comes three degrees of bearish lower highs!
There is a chance that wave ‘iv’ may still complete a larger expanded flat correction.
Although the structure of today’s rally does not point to that.
The decline so far is in three waves and may have completed wave ‘a’ pink.
The low of wave ‘iv’ must stay above 1292 to remain a valid five wave structure.
So we have a good cushion at the moment.
I was looking for a further rally today to close out wave ‘5’ pink.
And after a small decline this morning,
the market rallied again and topped out at 1343 so far today.
Watch the reaction to Fridays selloff.
A corrective flat market will signal that a turn down is again on the cards.
Short term chart update. Normal service resumes 4th of Sept.