Many has been taken by surprise by the decline from 1,433.73. but then came FED to the rescue or did they?
No they did not! and it was not that big a surprise, at least not to me. Please see my last post on gold here: http://theelliottwavesufer.blogspot.dk/2013/09/blog-post.html
A S/H/S top has now been activated and all that's needed is a break below 1,272.85 to eliminate that last piece of doubt, that we are headed lower towards 1,148.84, which is the S/H/S target, from where we can expect the next correction.
Ideally the S/H/S neckline now protects the upside for the break below 1,272.85, but only a break above 1,344.07 invalidates the S/H/S top calling for a move higher to 1,375.33 and likely slightly higher, but I still don't see a break above 1,433.73, which will be a game changer.
Yeah you were the only on who got it right. Way to go EWS!!
ReplyDeleteJust curious EWS, Do you think that last leg down to @1277 was the end of wave one and we are now in a wave two, or are was the previous thrust down to @1291 the end of wave one and we are in a wave 3?
ReplyDeleteThanks,
Duane
Hi Duane,
DeleteAs long as resistance at 1,344.07 holds firm I will say we are in wave three of red 5, which ideally should cause a decline to the S/H/S target near 1.148.84.
At 1,148.84 wave iii of red wave 5 will be 1.618 times longer than wave i of red wave 5.
If we break back above 1,344.07, the we are only in wave ii of red wave 5 and a break above 1,433.73 invalidates the bearish Count.
Kind regards
EWS