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GOLD: textbook reversal

Gold Elliott Wave
Gold 30 Minute Chart
Tuesday, 3 September 2013 at 11:56:00PM AEST
GOLD made very nice, text book reversal from 1385 support today where wave c was...
GOLD 30 Minute Chart  (»Go to 4H Chart)
Tuesday, 3 September 2013 at 11:56:00PM AEST

GOLD made very nice, text book reversal from 1385 support today where wave c was equal to wave a; exactly from very typical Fibonacci retracement level 50-61.8% compared to wave one. If you are beginner of the Elliott wave theory then I suggest you to print that chart. It's nice simple pattern that you will see it unfold over and over again. So what's next for this market? Well, I can see higher prices on the intra-day level so lets focus on potential further rise, ideally that will be towards 1415 in coming sessions where black wave iii would equal 1.618 x wave i. This view remains valid only if 1390 holds. If not then prices will either go sideways or even down.

 
4Hour
GOLD 4 Hour Chart
Tuesday, 3 September 2013 at 4:14:00PM AEST – corrective retracement within uptrend

GOLD reversed sharply to the downside in the last five trading days, back to the consolidation from mid-August decline still seems to be part of a larger  impulsive price action from 1272. If we are correct then latest sharp decline from the high represents wave (iv) that will send prices up in wave (v) towards 1450-1460 area. At the moment we can see some nice bullish reaction from around 1373 which suggests that wave four lows are in.

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