The Expanded flat that has been ongoing since late December 2009 ended yesterday with the small break above the Ending Diagonal resistance line. Wave C down is now in motion, this should be a sharpe decline towards the 950 area.
The 5 minute chart above shows a clear five wave decline adding confidence in the call for a finished Expanding flat correction. Wave 1 and 2 is finished or very close to finish for the start of wave 3 of C down. Wave 3 should decline to at least 1,141, but a more likely target will be the 1,131 area.
I have shown my Fractal count in Gold a couple of times. Fractal count 5 ended later than first anticipated as wave B turned into an expanded Flat correction, but Fractal count 6 should be under way for a decline towards the 950 area, before a move higher in Fractal count 7 is seen.
The Expanded flat that has been ongoing since late December 2009 ended yesterday with the small break above the Ending Diagonal resistance line. Wave C down is now in motion, this should be a sharpe decline towards the 950 area.
The 5 minute chart above shows a clear five wave decline adding confidence in the call for a finished Expanding flat correction. Wave 1 and 2 is finished or very close to finish for the start of wave 3 of C down. Wave 3 should decline to at least 1,141, but a more likely target will be the 1,131 area.
I have shown my Fractal count in Gold a couple of times. Fractal count 5 ended later than first anticipated as wave B turned into an expanded Flat correction, but Fractal count 6 should be under way for a decline towards the 950 area, before a move higher in Fractal count 7 is seen.
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