Correction on GOLD Points Up - Elliott wave
GOLD is in a possible five-wave move, up from November of 2015. Ideally wave III found a top at 2075 lvl., which means current consolidation can be a wave IV triangle.
An impulsive break above the 1917 lvl. could suggest a completed correction in IV, and a five-wave lesser degree move for a wave V, aiming towards 2200.
Alternate count suggest a three-wave correction in wave IV; wave C can still be in play, support is at 1600/1585 area, near Fib. ratio of 50.0.
Count would be invalidated if price makes a sharp, five-wave drop, and a break below the 1376 invalidation lvl.
An impulsive break above the 1917 lvl. could suggest a completed correction in IV, and a five-wave lesser degree move for a wave V, aiming towards 2200.
Alternate count suggest a three-wave correction in wave IV; wave C can still be in play, support is at 1600/1585 area, near Fib. ratio of 50.0.
Count would be invalidated if price makes a sharp, five-wave drop, and a break below the 1376 invalidation lvl.
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