GOLD: new wave count (bearish)
Well, although I had seen the possibility that would gold would not rally to the highs before going lower, I didn't give it enough of a probability.
Gold, in fact, has slid lower and is not showing much life and so I've reassessed the wave count to this W-X-Y.
Three waves down (W), then a sideways triangle (X), and now we're in the midst of (Y).
Y will likely be an a-b-c and its possible that we're just completing wave a. Expect a bounce back in the coming week or so but it will be choppy and not impulsive. Then we go down again for the final push down before bottoming.
Gold, in fact, has slid lower and is not showing much life and so I've reassessed the wave count to this W-X-Y.
Three waves down (W), then a sideways triangle (X), and now we're in the midst of (Y).
Y will likely be an a-b-c and its possible that we're just completing wave a. Expect a bounce back in the coming week or so but it will be choppy and not impulsive. Then we go down again for the final push down before bottoming.
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