Mini-Gold: Flash Alert for November 11,2010

Mini Gold appears to have completed a three wave flat correction against the .786 retracement and 1.272 reverse extension of w.b circle. The decline from 1424.6 appears to be in five waves. Even if a top in Gold  is not in place, the wave structure has possible target implications to 1374.8. Even if I'm dead wrong about the decline, we should still achieve a .5 - .618 retracement of w.b-w.c. I'll try to narrow the target clusters as more of the wave structure is know.

Here's the Market's position at the time of this post:

Momentum: OB on weekly and daily time frames. 60 min chart level is also OB but has turned bearish.
Pattern: ABC correction completed
Time: No analysis made

Trade Strategy: Wait for the recent decline to confirm five waves down. Look to establish a bearish position with an entry on lower TF as momentum indicators make a bearish reversal against a 3 wave corrective structure with a protective stop 1417.2.

Best of Trading