The weekly chart provides my preferred and alternate wave labels as well as the equivalent 10 and 40 week sma's (50-sma and 200-sma day equiv.) . Also of key interest to me is is that the trendline from 4/2009 continues to be probed and supportive of this market. As such, it is in my opinion that, while I haven't provided any bearish wave count, a failure of non elliott technicals , such as a break of the trendline and 40-week sma, could initially draw price to where w.(3) = 1.618 w.(1) at 1344.3.
In addition, I showed this chart on Oct 19, 2012 and the cyclic turn of 11 and 22 months.
Read the initial post
The October high may be MONEY given the elliott work that I have provided. If so, Gold Bulls are about to be ambushed.
Let's See what Happens.
Best of Trading
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