Elliott wave analysis of Gold - Be ready for the next leg lower.

Gold

Please see my post from June 29 - 2013 here first:

http://theelliottwavesufer.blogspot.dk/2013/06/elliott-wave-analysis-of-gold-and.html

We did see the bottom of red wave 3 during the week of June 29 and as expected we have seen a correction in red wave iv. The correction has been a nice looking zig-zag correction and wave a and c has been equal in length (please see the hourly chart below), so the big question now is have we seen the top of red wave iv or is more upside needed? I do favor a finished red wave iv, but if this is the case, then resistance at 1,288.54 needs protects the upside for a break below 1,276.17 and more importantly below 1,267.92 we have seen red wave iv and should see red wave v towards 1,081.84.

However, if we does see a break above resistance at 1,288.54 we need one more new high closer to 1,301 and maybe even towards 1,321 before red wave iv is over and red wave lower will take over.