Elliott Wave Live: Gold: Update

Monday, November 22, 2010

Gold: Update

Gold has bounced in what appears to be a incomplete corrective structure. The rally has reached the .382 retracement but my expectation if for the remainder of the corrective structure to unfold in either a zig-zag or seven wave pattern. Initial target projection are 1373.8 where w.c = w.a and the .50 retracement which also corresponds to the previous w.iv circle. Once the correction has ended, prices should draw down to the 1156 area.

Best of Trading

3 comments:

MikeNovember 23, 2010 at 4:31 PM
Price has now exceeded the initial target i.e. 1373-78. The current wave structure looks like we need one more push up, possibly to the .618 retracement of 1387.9, to complete the corrective structure.
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MikeNovember 24, 2010 at 10:22 AM
Still think gold has another move up. Current wave structure looks like corrective. A break below 1364.8 negates this interpretation and implies a significant move down.
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MikeDecember 1, 2010 at 6:35 AM
Gold has traded higher as I anticipated but the wave structure for the correction isn't complete. I will post updated charts today.
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Monday, November 22, 2010

Gold: Update

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