GOLD May Test $1000: Elliott Wave Analysis
Gold is in sharp reversal mode from all time highs after a completed big five wave rally, so current pullback is probably corrective. We are tracking two counts, where both suggests another leg down. The primary labeling suggests that market is now in sub-wave 4) of (C) that could bottom around 1000 psychological level at the end of the year, or maybe in 2014.
Primary Wave Count
The second count also suggests a bottom around same levels as mentioned above, but this one shows only temporary low for wave (A) of a much bigger three wave fall.
Alternative Wave Count
On gold we are tracking a big triangle placed in wave 4) for a while now which is still incomplete. At the moment we are looking at wave D that could look for a support around 1230/1240 as we have all needed three legs down from wave C high. As such, we expect another three wave rally, this time up in wave E before we may look for a completed triangle pattern, ideally around 1339-1350 zone.
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