Gold: higher low is due, bounce to 1240 after.

FX:XAUUSD   Gold Spot / U.S. Dollar
1194 6 15
Good morning all,

Here's an update on Gold             EW setup - the violent flash-crash that we've seen earlier today is still part of the structure of wave 3 of an ending diagonal that is developing, so a bounce is expected after we complete the last wave of the down impulse (if it's not completed yet). Based on the behavior of the correlated instruments I think we need to see another low (or a higher low) in gold             in the next few days before a bounce occurs. The reversal should correlated with the start of SPX             sell-off, last lower low in EUR and Crude. This is supposed to take a few days, may be even till the end of the month.
Andy fantastic chart. We just topped at 1191 right in wave 4. I see this chart was posted 3 months ago. Are you still of the opinion we are NOW heading to wave 5 and wave C.
I think we will be at wave 5 and C by Dec 2015 the latest. Any thought on timing since we just started wave 1 of 5 down. Anything you want to update to this chart or anything new?
AndyM Ranngo
I think this chart is the one that's valid. We have recently started A down of w5 of the ending diagonal. I expect this wave to unfold rather quickly, till mid.Dec, and then the FED will announce more QE, and the stocks, together with the currencies will start a major uptrend, so as Gold and Silver.
Ranngo AndyM
Thanks Andy. I really appreciate your comment.
Thanks, at last some coherent EW counting on this.
Everyone and their mother is saying this is it!
I very much doubt it.
Such a vertical drop, wave 3 of 3 of something for sure...
I'd short now, when everyone's bullish, aim for the bottom of 3 and then go long.
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