Tuesday, October 16, 2012

Gold in $ - Elliott Wave analysis for 16-10-2012

Gold in $ terms seems to be in a rare type - expanding triangle in the wave 4. So far it looks like it has completed wave a,b,c,d. Currently wave e is  in progress. This may terminate before meeting the trend line connecting wave a & c, which typically happens in an expanding triangle. However current move seems to have some more steam left in int and it may go up to $1700 or so.

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