Gold Approaching Multi-Year Top? | Elliott Wave | Jeremy Wagner

This recent surge in gold may be the finishing touches on a 4+ year up trend. Gold appears to be in an ending waves at multiple degrees of trend. Perhaps gold taps the upper end of this channel, but it doesn't have to.

After this impulse wave completes, a very large correction may take over. This correction may coincide with US Dollar strength. Look for the yellow channel to break to be evidence of a top. A move below $1740 is another piece of evidence of a major top for gold prices. Finally, below $1669 may be the nail in the coffin for gold suggesting a full retracement of the 4+ year uptrend back to $1,000.