There is another Elliott Wave count that indicates five waves to the downside might have been done already and now price has made first threee waves of a new impulsive wave.
Please notice how wave (5) has ended on 161%Fibo Expansion of waves (1)-(3) almost to the pip.
As long as there is no new low, this is the main count right now, because in larger scale time frames the recent move down in Gold was a last impulsive cycle of wave Y of Y of 4.
Wave (ii) looks to be finished and now traders must wait for corrective wave (ii) to complete. Weekly Pivot is the Key Level. Below this level lows will be exposed to test/break out.
Support/Resistance:
1259.20 - WR1
1226.28 - Weekly Pivot
1192.40 - WS1
Trading Recommendations:
As long as price stays above the recent low there are high chances that it will go further up. Only a break of wave (i) high will put the count into question and new low will invalidate the count.
Seb
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