Gold Rally is Probably a Corrective 4th Wave
300 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote Friday that “the bounce from 1560 could reach 1620/40. Shorts are favored into that zone (watch the Elliott channel as well) in anticipation of a test of the September low at 1530.” The bounce is certainly corrective and has so far failed ahead of the 1620/40 zone. In fact, the rally has stalled near Elliott channel resistance and the rally is viewed as a 4th wave. Expectations are for a test of the September low at 1532.
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