Here's my short term Elliot wave count for gold. I think we've just seen a 5-wave move to the downside which I construe as being wave 1 at one higher degree. I think that in the immediate term we'll see a retracement, for which I have several scenarios.
I think that price will most likely re-test the 1350 level, which corresponds to the 23.6% Fib retracement level. However, wave 2 usually is a deep retracement of wave 1, so I wouldn't be surprised to see this rally to around 1355. I'll be monitoring price around these retracements and looking for shorting opportunities.
Either way, I think the big move is coming to the downside - a potential wave 3 of 3 to take us down under $1300.
Edit: my count for the most recent downside move is not very clear - its in purple font and you'll need to look closely to see it. My apologies - first time user of this platform.
I think that price will most likely re-test the 1350 level, which corresponds to the 23.6% Fib retracement level. However, wave 2 usually is a deep retracement of wave 1, so I wouldn't be surprised to see this rally to around 1355. I'll be monitoring price around these retracements and looking for shorting opportunities.
Either way, I think the big move is coming to the downside - a potential wave 3 of 3 to take us down under $1300.
Edit: my count for the most recent downside move is not very clear - its in purple font and you'll need to look closely to see it. My apologies - first time user of this platform.