1:30 PM CST
Updated Elliott count for gold:
The triangle formation projected in this count is only a guess. Minute Wave 2 (green) was a double zig-zag so by the Elliott rule of alternation Minute Wave 4 should be either a flat or triangle.
Long term Elliott count on gold:
When looking at the long term gold chart keep in mind that gold behaves like a commodity. Commodity Elliott patterns vary from equities in their 5th waves which tend to be the most powerful, as opposed to equities where the 3rd wave is generally the strongest. As a result, it's important to note that gold is only partway into a Primary Wave 5 (red roman numeral IV in 2008 marks primary wave low) and thus appears to have quite a long way to go before a long term top.
11:15 AM CST
Sell signal on hourly Trend/Osc for gold:
Gold also is very close to a sell on the daily Trend/Osc. The Dynamic Oscillator is already tracking below 80, if prices close below the uptrend line today it is a sell signal. The daily uptrend line is at 1335.70.
