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.
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.
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.
