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Friday, March 28, 2014

Elliott wave analysis of Gold - Wave D of the triangle is unfolding


Gold

I have been looking for the correction since the 1,180 low to be a triangle. Red wave C of the triangle ended at 1,392 and I'm currently looking for red wave D lower towards 1,185. This wave D is expected to unfold in a zig-zag and the reason is that the decline from 1,392 already is in five waves and only zig-zag corrections is composed as 5-3-5.

Short term I will be looking for wave v of A lower towards 1,276 followed by wave B higher towards the top of wave iv of A at 1,342 before the C wave lower.

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