Gold ~ the short term bearish wave four correction still working...
Gold is still in the process of forming an impulse five wave structure that started from the low made in August last year. Price is currently working on "minor" wave 4 within the formation and once complete will see a rally to a new high for "minor" wave 5. The last Gold update showed that "minor" wave 3 had reached the price where 3 was equal to 1.618 x 1. That remained the high and price has been in a "minor" wave 4 correction since. So far, wave 4 has declined in three waves to the Fib 27.2% retracement of wave 3 that we have labeled as "minute" wave [a] of 4. A three wave bounce from there is labeled as wave [b] of 4. Expectations now would be to see another three or five wave decline to complete a "flat" for wave [c] of 4 with targets being 38.2% or 50.0% of wave 3. Price could also continue in the same range to eventually form a wave 4 "triangle." Once wave 4 completes we should see the start of a...