Sunday, June 19, 2016

Elliott wave analysis of Gold - Long term View

Gold - Long Term View 

Since the November 2011 high at 1,921 gold has decline in five waves to 1,046 in November 2015. A five wave decline indicates that a large zig-zag (5-3-5) correction is unfolding. 

We have seen wave [A] from 1,921 to 1,406 and is currently in the middle of wave [B] which is expected to move higher towards the 1,457 - 1,521 area before terminating and turning lower in wave [C]. 

If wave [C] becomes equal to wave [A] in length, then wave [C] should decline to 611. 

That said, strong support is seen both near 850 and below near 693 which both could provide support strong enough to terminate the long term correction from 1,921 and turn prices higher again. 

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