The downtrend is still viable, and we've recently had a very strong range expansion down bar into new lows.
The targets are good for both time and price levels.
I'll look to trade the retracement that will probably occur now as a short term long, to then close and go short as long as the surge ends below 1279.99. Above 1169 the short would be in question, making it more painful and potentially dangerous.
Entry below 1169.31 would be ideal, I'll update the chart once I enter using the weekly.
I'm waiting for a clear short entry. Tomorrow's NFP might provide us with a short term opportunity.
If we were to see a new low under the horizontal ray on chart, then I'd attempt holding the eventual short trade (after covering 50-75% or moving stops to break even) hoping to reach the time at mode target with that position.
Time at mode confirms my view, we will see a choppy, but continued decline in gold prices.
The last daily downtrend expired in time at mode terms, so we might have a retracement soon.
On the Elliott wave front, daily structure is unclear, but I'm sure of the labeling up to the triangle B completion.
Timing wise, this looks like an incomplete impulse, price wise, possibly heading a bit lower still.