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Gold: Temporary Top?

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Aug 24 2011

Gold reversed quite sharply yesterday from 1911 top, a move that shows impulsive personality on a smaller time frame. In fact, prices broke through the blue support line, which is the first but very important step towards the temporary bearish price action. Well, from an Elliott wave perspective, a weakness should not be a surprise after-all, as we can count five sub-waves within a black wave 3. we know that after very five waves, correction follows! As such, we see huge possibilities of a temporary top at 1911, with more weakness to come within a black wave 4 corrective pull-back!



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