Gold Undergoind A Correction; Possible Reversal Near 1230/1260

Gold broke to the downside, which we assumed would happen as bearish momentum was increasing over the last few days. Gold is now beneath the 1270 area, so we reviewed the wave count on higher time frames but still see a move down from the highs as corrective; meaning we are now tracking a five wave decline down in sub-wave C, which may see 1230-1260 area and ideally make a reversal higher.