wave (4) looks to have finally terminated at 1268.30/40 levels yesterday. It might be too early to predict but the story begins to unfold at smaller degrees first! The yellow metal seems to have formed an impulse wave 1 and corrective wave 2 at a lower degree and the 3rd wave should be on its way now through 1250/52 levels. Lets see if it unfolds into an impulse at at higher degree. Trading point of view, remain short from current levels, stop above 1277 and target through 1200 levels.