SUMMARY
Gold is likely still in a long term bear market. The chart below shows the update wave counts as a massive ZigZag count of 5,3,5 on the ABC waves. This is a weekly chart and so far, the Elliott Waves are quite crisp and clear. The B wave is still in progress and will likely be so until March of 2019 where the ranges of $1,374 to $1,570 can be potential.
Here is the same chart but with the upward pointing wedge pattern in place (blue lines). The A and B waves are complete and C is in progress. That would D and E to compelte the pattern and bring price to a close proximity to the apex. Again, this is a weekly chart and so most of 2018 will likely be spent in compeleting this bearish wedge.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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