XAUUSD update: consolidation then downtrend to continue?

This is an ongoing study of Gold.

Currently expecting some consolidation for a micro wave 4, looking to retest recent high of its wave 3.
Below current price is a zone defined by two very important Fibonacci Extensions.

The Important Fibs:

The orange 11.089 extension is from this fib:

yes, believe it or not, a move from 254.40 to 340.45 in 1999 was the ''pebble'' that hit the water and we are now observing the ''ripples'' that resulted.

The red 3.618 is from this fib:

The Fibs and Elliot Wave pattern indicates one more wave down to come

GULP

Commento:

Gold hovering just below resistance but has pierced and not dropped yet. it might go a little higher, so will be looking for shorts after the weekend