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Gold Multi-Day Corrective Drop Possibly Underway

Gold Multi-Day Corrective Drop Possibly Underway

2013-10-23 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Hourly

eliottWaves_gold_1_body_gold.png, Gold Multi-Day Corrective Drop Possibly Underway

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Gold’s rally has extended into an impulse (5 waves). The most aggressive count is NOT shown above but would place 5 waves complete at the 10/18 high and a larger 3rd or C wave underway from the 10/22 low. One reason to suspect that the above count is correct is that wave 5 is just about equal to the price width of wave 4 (measured move).

-A corrective setback is expected but with questions regarding the count from the October low, the expected depth of any weakness is unknown.

Trading Strategy: Allow for at least several days to a week of sideways/down action and maybe from slightly higher prices (low 1350s?) before looking for a low.

LEVELS: 1310 1318 1327 | 1352 1364 1375

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