Quote:
Originally Posted by justy10125
Here's a bullish and a bearish count to look at for short term Gold prices. Technically speaking, the bullish count is invalid because the first five wave advance is overlapping, so I am leaning toward the bearish count at the moment. But in case price continues higher this is something I'll be watching. The next rally will tell the tale. If it unfolds as a correction I'll be looking for a short. A five wave rally will obviously point to higher prices.
At the moment currencies are being driven by commodities and the EUR/USD continues to track Gold very well, so I'll be looking there for a trade.
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Your second chart (bearish scenario) looks better in the sense that it closer depicts the proper Elliott count.
In the first chart I think that your B wave (consisting of 5 sub-waves) looks somewhat suspicious.
