DAILY ELLIOTT WAVE ANALYSIS 12-29-16 – Gold, the hated metal is about to shine.
Current wave [B] – Long to 1550
My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside in wave B.
Short term wave count: Upside from 1120~, target 1550
Long term wave count: Topping in wave (B) at 1550
Important risk events: USD: Unemployment Claims, Crude Oil Inventories.
Gold entered a holding pattern today, and has remained off yesterdays 1149 high.
The 1150 low at wave ‘i’ blue is the bearish invalidation line.
If we get an advance through that level, it could signal the bear market is over.
For the moment I am still expecting one last decline in wave 5 blue, to complete a larger structure.
With the minimum target at 1122 and the lower end support at 1103.
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