Monday, August 25, 2014
Gold - Look for blue wave v lower to 1,262.96
The impulsive rally lower since the top of wave E of the major triangle at 1,345.28 is unfolding nicely. Short term I'm looking for a decline to 1,262.96 to finish wave i of (iii) lower. Once we have wave i in place we should look for a correction in wave ii towards at least 1,285.99 and more likely even higher to 1,293.10, but then we are in wave (iii) lower and we should always remember, that correction during third waves tend to be small or even sub-normal.
Longer term I'm still looking for much lower levels in wave 5 towards 1,086 and possibly even lower towards 1,002.