SUMMARY
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Since last year, I've posted that Gold is in a bear market and still remain in that position. The below chart shows a maturing red B wave and once complete, the resulting C wave down in five waves can become shocking to many who see Gold as a safe haven. Wave C could target the 0.78 Fib level because look how the blue wave 5 is so EXTENDED!!
Another variation that could truncate the time of the decline iniation is that a bear flag could be in play as shown. IF this is correct, the C wave target would not be changed.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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