In spite the overwhelming bearishness in the gold market, I have the feeling that maybe this corrective cycle since 2011 has seen it's lows. The extended (A)-(B)-(C)-(D)-(E) Elliott waves appear to be complete, unless the latest z sub-wave is composed of yet another extended sub-structure of the a-b-c-d(now)-e(future) type.
Comments
cfetrader
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For the sake of completeness, I will include the daily chart with the trend options.
cfetrader
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Details of option (2), if the ending wedge (otherwise called "bearish pennant") is breached.
cfetrader
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Following the gold price bounce at the lower wedge line, option (1) comes into play. Possible future targets are :