DAILY ELLIOTT WAVE ANALYSIS 11-30-16 – Gold approaches final low.

GOLD
Current wave [B] – Long to 1550

30 min

4 Hours

Daily

gold-daily

My Bias: Long towards 1550
Sell Zone: 1550 – 1600
Buy Zone: 1172 + –
Wave Structure: ZigZag correction to the upside.
Short term wave count: Upside from 1172, target 1550
Long term wave count: Topping in wave (B) at 1550
Important risk events: USD: ISM Manufacturing PMI, Unemployment Claims.

The GOLD market took a hit today and the immediately bullish count was invalidated.

I have re labelled the current decline phase as an extended wave (v) blue.
This weeks action now best fits a contracting triangle in wave iv brown.

Make no mistake, this market is in a very large degree bottoming process, and will rally impressively when wave C red begins.
Patience is the key.


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