Gold may be carving out a top. Objectives remain at 1276 and 1300. 1276 is where wave v would equal wave i (1050-1147). 1300 is where wave c of v would equal wave a of v (the rally from 1050 is a diagonal, consisting of 3 wave movements) and where wave v equals 61.8% of waves i through iii. Trading below 1216 would signal that a top is probably in place.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosses on Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to firstname.lastname@example.org.
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