Gold Bearish Trade Setup 23/5/2017 (Elliott Wave Analysis)

In the last update I shared my view that Gold should rise up for the 5th Wave to complete the circled Wave 3 which it has.

Alternate count in Green.

Gold Elliott Wave Analysis 2352017 Bearish Setup

Gold Elliott Wave Analysis Bearish Setup

However at this point it seems that either that Wave 5 is a Truncated 5th or that it is Wave B of a Flat correction.
This is all evident to the fact that the double bracketed Wave 5 looks more like a 3 leg up.
Hence short positions can be initiated below 1257 keeping stops above the current swing high of 1264.

Expect min, target 1251.82 and 1244.61 or even lower.

I will update further as this market progresses.

Learn to trade using Elliott Wave Principles – My Video Course

To receive these updates at the earliest you can subscribe to my Emailing List.

Disclaimer – All content presented here is strictly for educational purpose, do read the complete site disclaimer before taking any action.