Elliott Wave Live: Gold: Flash Alert

Tuesday, December 14, 2010

Gold: Flash Alert

XK_F retraced just below my target of 1410. The minimal requirements for a five wave decline from 1408.5 have been met but it's possible that the wave could still be subdividing to the downside before completing. The 120 min. chart (not shown) counts nicely. Assuming the decline is done, I'm looking for a retracement back to 1402.60 area before the wheels fall off. Near term targets are 1348.7 and 1311.6. Should the five wave decline subdivide below 1392.6, I will have to recalculate the retracement level and downside targets.

Best of Trading

4 comments:

MikeDecember 14, 2010 at 10:33 AM
Gold has pushed slighly lower but the projections remain intact. Still looking for a retracement and failure at 1402.6. Let's see if it materializes or whether we get another wave of selling.
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MikeDecember 14, 2010 at 11:47 AM
Gold looks like it's working a zig-zag correction where w.c = w.a at 1402.8. This is in agreement with the .618 retracement of 1402.6.
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MikeDecember 14, 2010 at 1:06 PM
Price has traded through the levels of interest. I'm not interested at these levels.
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Joe FerrazzanoDecember 14, 2010 at 7:41 PM
Hi Mike, Gold probably follows the Euro and SPX/market down.

US Dollar Might Have Bottomed Today (bullish inverse spike on today's candle), the Euro Might Have Peaked (bearish red candle, indicating a close below the open), see the USD at http://stockcharts.com/charts/gallery.html?s=$usd, and, see the Euro at http://stockcharts.com/charts/gallery.html?s=$xeu.
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Tuesday, December 14, 2010

Gold: Flash Alert

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