Gold - Is the shine about to disappear?

Gold - Is the shine about to disappear?
I have posted the top-chart on several occasions. I still think it's a very valid count, but one important thing is missing... A clear break below support at 1,521, but if this support is broken then I think we could see a very powerful decline all the way down to the 864 - 1,005 area, with 864 being the ideal target.
Why do I call for a decline all the way to 864? Looking at the wave structure since the 1999 low at 251.70, both wave III and Wave V have extended. Is is a rather rare outcome, but R.N Elliott gave us a clear instructions in how to handle extensions in fifth waves. Elliott said, that fifth wave extensions will be double retraced. By that he meant that we will first see a correction of wave V followed by a new rally back to the starting point of the correction or even above the starting-point.
In this case that means a decline towards 864 followed by a new rally to at least 1,921.
However as long as support at 1,521 has not been broken there is a possibility that a rally to new highs will be seen. The first indication will be a break above 1,600 and more importantly 1,670, but the odds favor a break below 1,521 followed by a decline towards 864.