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Gold 5th Wave Underway Towards New Low

Gold 5th Wave Underway Towards New Low

2011-10-05 15:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gold_body_gold.png, Gold 5th Wave Underway Towards New Low

Prepared by Jamie Saettele, CMT

Gold plunged last week and reversed just shy of its 200 day average, which hasn’t been reached in over 2 years! An impulse is unfolding from the high so expectations are for this rally to reverse near the current level and for gold to drop in a 5th wave to a new low.” Look lower in a 5th wave towards 1500 and 1478 (July low).

Trend Strength (M,W,D) – 1, 0, (1)

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