Gold Elliott Wave Analysis: Two Scenarios Both Bearish
CommodityOnline | Sep 19, 2014 02:43AM ET
Gold is falling sharply but still not necessarily within wave 5) down. However we are tracking an impulse down from 1345 but that leg can be wave (c) of D as shown on new updated count. If that is the case that 1200 should act as a support in days ahead and send price up into wave E of 4).
At the same time we are also tracking a second directly bearish count where wave E can already be done. That count would be confirmed after a break of 1182 low that opens door for 1000 psychological level.
GOLD Daily Elliott Wave Analysis # Count 2
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