Price of Gold below 1200 next week?

It was August 9th, when we showed you the following chart of the price of gold, saying that according to our primary scenario, wave (3)/C to the downside should begin soon.
price gold count 1 8.8.14
As visible, we were expecting an expanding flat correction in (2)/B before the downtrend resumes. Yesterday, September 26th 2014, gold closed at slightly above 1218, which is almost 100 dollars lower than on the above-shown chart. Below you will see how this sell-off looks like on a 4-hour time frame.
price of gold 27.9.14
Turns out that this steady downtrend corresponds to the usual third wave extension. As shown, gold seems to be locked in a triangle for wave 4 of (3)/C. Once it is completed, we should expect another decline in wave 5, which would probably take prices below the 1200 mark.

New to Elliott Wave?

Elliott Wave principle offers a completely new understanding of what the nature of the markets is, what drives them and what can be derived from their movement. This course is for those of you, who have been looking for an honest Elliott Wave guide, describing the method’s advantages over other trading tools, but not hiding its weaknesses.

Check Video Course    or     Check our eBook


See our Video Course
or check our eBook

Last year over 60k readers trusted EWM Interactive to help them in their trading decisions.

I’m very happy i discovered your service. Thanks so much and keep up the good work!

- Xavier N.

Just loving your analysis. Thank you so much, really wished you add some more currencies to your list You have a client for life :)

- J. Kotzee

I love the way EWM does business: response times & overall friendly demeanor are fantastic... and the prices are very fair. The trade recommendations read like like they come from a seasoned trader that is used to winning. Couldn't ask for more.

- C. Montgomery

I love the way EWM does business: response times & overall friendly demeanor are fantastic... and the prices are very fair. The trade recommendations read like like they come from a seasoned trader that is used to winning. Couldn't ask for more.

- C. Montgomery

I’m very happy i discovered your service. Thanks so much and keep up the good work!

- C. Montgomery

Just loving your analysis. Thank you so much, really wished you add some more currencies to your list You have a client for life :)

- C. Montgomery