Gold prices point down on intraday basis

In our previous analysis of gold we showed you three different counts, all of which expecting a bearish reversal soon. Well, here it is. On the 5-minute chart of gold prices you can see a five-wave decline.  According to The Elliott Wave Principle, discovered and developed by R.N. Elliott, after every five-wave sequence there is a correction in the opposite direction. The chart suggests, that this correction, labeled (2)/B, is already in progress with its wave “c” remaining. Once it is done, gold prices should be expected to resume their downtrend in wave (3)/C.
gold prices 30.7.14.

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