fibonacci5

Long term GOLD Elliott Wave pattern.

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
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3
Why the coming rally in gold is not a wave 3 up to new all time highs... the count from the 2011 high is down in 5 waves, wave 4 is a contracting triangle and wave 5 is an ending diagonal . This 5 down is Wave A of a large Zig Zag . We are currently in wave B which on this chart is shown as a wxy combination it could also be an abc zig zag . Either way prices should exceed the w high on this chart.