GOLD accelerated lower in a possible wave 'iii' brown today,
This final decline should create a clear five wave pattern
and carry into support at about 1303 at a minimum.

The main resistance for the long term count lies at 1366,
And this is the confirmation point for the major rally to come.

On the 4hr chart,
The 50% retracement of wave [i] lies at 1297,
And the 61% retracement, at 1282.
This forms a nice band of support which should hold wave [ii].

Lately, I have been talking about the potential for GOLD over the longer term,
But I have not yet put a figure on it.
Remember,
This will be a bull market rally,
and the bull market could take the price into the $5000 region before it completes over the next couple of years.

This pattern in the GOLD price is reminicient of the lows of 252 way back 18yrs ago, the price then embarked on a 750% rally over the following 10 years!

At this point I am only interested in the bullish potential after this decline,
And as you can see, the potential is huge!

In the short term,
I want to see the completion of a five wave pattern in wave (c) blue.
That will close out the larger correction in wave [ii] green.
And then,
The way is clear for wave [iii] to begin.

Tomorrow;
Watch for a sideways correction in wave 'iv' to begin,
This must complete below 1340.

WANT TO KNOW the next big move in the Dollar, GOLD and the DOW???

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Enda Glynn
http://bullwaves.org
I am an Elliott wave trader,
I have studied and traded using Elliott wave analysis as the backbone of my approach to markets for the last 10 years.
I take a top down approach to market analysis
starting at the daily time frame all the way down to the 30 minute time frame.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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