Gold Long term wave count attached.
The recent up and down moves were a lot of noise and neither view was playing out. Now in hindsight
it was a triangle in wave B and it explains why it was so furstrating. Wave C is a clear down. What is important
here is the larger question, is wave 5 over or was the recent top near 1800$ wave 1 of 5. I prefer the first view
that it was the top because it simply failed to hold up and most time frames show a sell on momentum.
The final confirmation will be below 1562. Wave C could in that situation be extended and split as C1-C2...
till C5. The bear trend will eventually resolve as a complex corrective and get marked W-X-Y-X-Z.
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For accurate technical forecasting. Thanks R. N. Elliott for studying mass social
behaviour and its role in forecasting the evolution of mankind. Thanks Robert
Prechter for keeping his theories alive and kicking. Martin Pring for exploring the
depths of momentum trading and trend following.
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Rohit Srivastava
www.indiacharts.com
For accurate technical forecasting and complete technical analysis.
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