The rejection from 1,609.50 was bigger than I anticipated. It's not a five wave decline yet, but if 1,597.40 stays untouched and we see a break below 1,582.09 we have a five wave decline on the hourly chart, which will call for at least a zig-zag correction. If however 1,597.40 is broken first to the upside we will "only" be looking at a flat correction. I do think the lack of hype regarding gold tells me that we are not quiet at the top yet, but if my count is correct we are in the later part of the rally from 1999 and caution should be warranted. At no point can a break below 1,478 be accepted.
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