GOLD update: A-B-C flat rather than W-X-Y correction?
Gold update: I've been looking at the SILVER price chart, as well as, some of the large gold mining stocks and indexes - and I have a suspicion that they have a strong counter-trend rally due in the coming trading sessions. This has caused me to reassess the gold wave count and I now think there's a good chance that instead of a diagonal X wave, we might be working on an A-B-C upward move that could breach the $1,535 high on September 24 (but fails to set new highs).
If so, then this would possibly turn the W-X-Y or W-X-Y-X-Z combination into a 3-3-5 FLAT.
This would still likely entails a selloff after the B wave fails to breach the September 4 high, ensuing in the previously anticipated selloff to the $1,400.
If so, then this would possibly turn the W-X-Y or W-X-Y-X-Z combination into a 3-3-5 FLAT.
This would still likely entails a selloff after the B wave fails to breach the September 4 high, ensuing in the previously anticipated selloff to the $1,400.
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