broughro
Long

Continuation of Gold long and short term forecast...looking up!

AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
This mornings spike lower finished the 5 down of the abc , 5-3-5, correction to complete minuet (ii)...look north now for a sharp rally which would be a 3rd of a 3rd to near completion of this large scale bear market rally...this leg should take GC to ~1595 - ~1400 before the next minuet correction (iv)...
Comment: OK...so I missed the turn up by calling it too early at the end of the first zig zag that has extended to a double zig zag ending the green ii corrective extended flat. That corrective channel has now been penetrated in a sharp upward move one would expect from a 3rd wave so I stick with my call of looking long until the end of at least (iii) of (C).

Let's see what shape (iv) of (C) takes. If it's a triangle then we can refine our final upward target for (v) of (C) before looking for the deep slide in gold as the primary bull market resumes...
Comment: (B) of this primary ABC correction has morphed into a triangle rather than terminating and beginning (C) upward. See my updated analysis on gold to see my updated forecast.
hi, are you saying price formed an ending diagonal from March 2014 top to Dec 2015 bottom ?
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@wsbza, yes. With an extended first wave that was also a smaller ending diagonal. Do you see any rules that I've not complied with in this interpretation?
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wsbza broughro
@broughro, just not sure about the internal count, for an ending diagonal i would expect 33333 in stead of 53535
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@wsbza, agree its not classical; but I don't see any rules broken. Its actually a 53333 and if you look at the leading diagonal 5 its still in the shape of a 3 but has a distinct 5 count. Leading diagonals don't happen often but they can. There are probably other interpretations that could be applied but the deep retracement after is indicative of an ending diagonal for the larger 53333.
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wsbza broughro
@broughro, well... i agree with your overall structure, there is still bullish potential. My understand of diagonal is, a leading diagonal could be either wave 1 or a, an ending diagonal could be either wave 5 or c. If you allow the start of an ending diagonal to be a smaller degree ending diagonal, it's not fit with the rules. Even if the Ending diagonal starts with a leading diagonal, I would expect the leading diagonal be sub wave a of (1) of the ending diagonal. If we read the same book, we can check page 87 of the 'Elliott Wave Principle' by Frost & Prechter.
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@wsbza, we are reading the same text. In this case the leading diagonal from March to November 2014 is sub wave 1 of the ending diagonal, which is a motive wave but not technically an impulse wave so I see your point. But I'm open to suggesting Prechter might not have captured all nuances... :-)

btw, this is an older interpretation...I now have the corrective structure taking the shape of a running triangle...best
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wsbza broughro
@broughro, yeap, i am expecting triangle too : )
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