Monday, May 30, 2011

Short Term Gold Update

Short term Gold has been unfolding according to the wave count here and the question now is: Has the wave 4 correction completed as a small triangle as per the green count below?

Further time is required before the answer will be known for sure and perhaps Gold will give us a hint with a strong push upwards in the coming days. However, my thoughts are still with the primary count in black that sees a longer correction playing out as a triangle. For this to be valid, I wish to see Gold decline in the coming days and head downwards to the 1400 levels to complete the 3rd leg in this correction.

Longer Term Gold is here and a push to the 1600 levels or slightly higher is required for a significant top to be in place.

Short Term: A break upwards out of the channel as shown would imply that the short term correction has most likely completed.

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