Users: Jack Elam: GOLD: Follow up of the short-term EWP | The wave trading

Recall that my long-term scenario (from the August 2011 top) calls for a Triple Zig Zag hence price is now involved in getting over with the wave (B) of the third Zig Zag.

This is a brief follow up of the short term EWP (from the May 16 low), which is related to the wave (B), that I posted on August 2.

I made the case that price is unfolding a Double Zig Zag.

Well price is now reaching the expected target for the final wave (c) of (Y) located in the range 1678 – 1689

We know need a daily reversal bar in order to consider accomplished the EWP.

Keep in mind that a Top of the corrective EWP of Gold should coincide with a Top or “Risk Trades” hence Oil – Equity and the EUR are expected to reverse to the down side while the USD should do the opposite