WallStScalper

Gold in a time consuming wave 4 pennant?

FX:XAUUSD   Gold/U.S. Dollar
633 1 7
An impressive move in gold             on the 1. of december.
But there is no divergens on indicators!!!
Normally in Elliott wave theory the 3rd wave have the strongest fluctuations on the RSI or AO.

A wave 4 will normally come back to the zero line and then making a positive divergens on the 5th wave down.
Right now we have witnessed a clear 5 wave down. (The blue wave I drawed in) But the blue wave 5 will become end of wave 3 - then a wave 4 - ending with a new lower low wave 5 or a truncated wave 5 as a double bottom

I'll argue that Gold             is in for a time consuming wave 4 pennant and we will see a lower low in around february/marts

Short term neutral
Intermediate neutral to bearish
Will become bullish in end of february/marts 2015.

But as always.... time will tell.
Safe trading ladies and gents!
@BLawrenceM
Wall St Scalper
leon zieme
2 years ago
Suggestion : Your blue (5) is only a (3) blue wave....
We just have finished tonight vawe (4)... isn't'it ?
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