With the break abover to 2009 peak at 1,226.10 the uptrend is still very much in place. Due to my fractal count (see the chart below), which have called for a correction lower, but the break above the 1,226.10 peak has cancellet my fractal count ( i'm a bit sad about that, as it was a fine roadmap, but not anymore).What to expect now? If we can close above the resistanceline (grey on the chart) in May we could see gold accellerate higher towards 1,774. If this is the case, we can expect more trouble in the global economy soon.
From a Elliott Wave perspective we have seen a series of wave one's and two's and is now in wave 3 of 3 of iii, which should be the most powerfull of the waves.
Only a break below 1,168 would alter the positive outlook for now and cause a decline to at least 1,120.
Only a break below 1,168 would alter the positive outlook for now and cause a decline to at least 1,120.
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