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Gold Bears Ready For The Last Fight?

On November 6th, 2014, we published “Gold With More Than One Option”, where there were two charts. Both of them were showing, that after $1131, we should expect a recovery. One of the wave counts suggested for a larger advance, probably towards $1250. A reminder of that analysis is given below.
gold 1 daily 6.11.14
Gold was expected to rise, because the Elliott Wave Principle states, that after every five-wave impulse there is a three-wave correction in the opposite direction. As visible, there was a complete five-wave decline from $1345 to $1131. That’s the only reason why we assumed a larger move to the north. However, as it turned out, we were not bullish enough. Gold managed to climb higher than the anticipated $1250. On January 22nd, 2015, the price of the precious metal touched $1306. Nevertheless, this did not change the count at all, because the invalidation level for the above-shown scenario was still safe at $1345. So, the recovery from $1131 to $1306 was really impressive, but it was still in only three waves and still just a wave (b) correction. On the next chart you will see the whole path the price of gold traveled since that forecast.
gold 17.2.15
Last week, gold fell to as low as $1216. We think this 90-dollar decline is the beginning of a larger wave (c) sell-off, which is supposed to extend below the bottom of wave (a). Having the big picture in mind, we believe $1100 is still on the table and the bears will probably go for it.

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