Elliott wave analysis of gold

Gold

Please take a look at my long term Count for gold here first: http://theelliottwavesufer.blogspot.dk/2012/06/gold-is-shine-about-to-disappear.html

I know that on my long term I have the top at 1,920 as wave 5, but looking at the EWO indicator it only looks as it was wave 3 and the ongoing correction is wave 4 and wave 5 should follow once this correction is finished.

The first target I'm looking for after the break below strong support at 1,521 is at 1,250, but I would not be surprised to see it move even lower. However for now 1,250 does seem far away.

Thinking about it, a bigger correction after a rally of 655% does not seem that outrages does it?


Short term I expect a minor reaction back towards 1,520, but then more downside pressure should follow.