Elliott Wave chart analysis for the Gold, for 22nd September, 2010. Please click on the charts below to enlarge.
In doing this Elliott wave analysis of Gold spot prices I have purposefully not looked at any other Elliott wave counts for gold. This is therefore a fresh perspective, and I expect it will differ from other Elliott wave counts out there for gold.
So for what it’s worth, here it is.
Historical Chart
This wave count sees gold in minor wave 3 of intermediate wave 5 of primary wave 3 of cycle wave 3 of supercycle wave 5. I am hesitant about my supercycle labels however as historical data is not as detailed as I would like.
For non Ellioticians this means this wave count expects gold to rise further over the next two to few months, then to fall for a few months. This will be followed by another sustained rise that will last a few months.
This wave count does not see gold as about to have a strong fall. That will come at the end of cycle wave 3 which may end about 2013. At that stage gold should fall, but not below 730.20.
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