Below I will show you the updated view of Gold on a Supercycle level. As you will see, what we have is a down move from Sep 2011 to Dec 2015 that is labeled as 1-2-3-4-5. Then we have a corrective triangle (a-b-c-d-e). The move recent down move is labeled as 1-2-3-4-5 before the recent up move classified as W-X-Y.
Some of you may be wondering about the labeling of the recent down move. Why did wave 1 end at that price I labeled instead of the immediate wave down? The reason is that if I don't do that, I couldn't account for wave 3. If we go down to lower levels (say 4-hourly), we will be able to justify for the end of wave 1 where I placed it. The other supporting evidence is the Fibonacci extension level that I drew to justify that wave 3 did indeed start and end at the respective positions that I placed them.
So what I am saying now is, if my counts are correct, gold is going to bleed.
Some of you may be wondering about the labeling of the recent down move. Why did wave 1 end at that price I labeled instead of the immediate wave down? The reason is that if I don't do that, I couldn't account for wave 3. If we go down to lower levels (say 4-hourly), we will be able to justify for the end of wave 1 where I placed it. The other supporting evidence is the Fibonacci extension level that I drew to justify that wave 3 did indeed start and end at the respective positions that I placed them.
So what I am saying now is, if my counts are correct, gold is going to bleed.