Gold $XAUUSD Short-term Elliott Wave Analysis 9.5.2016

Short term Elliott wave count suggests that decline to 1302.33 on 9/1 low ended wave (W). Rally from there is unfolding as a triple three where wave ((w)) ended at 1315.23, wave ((x)) ended at 1304.5, wave ((y)) ended at 1330.2, and second wave ((x)) ended at 1315.7. While the metal stays above 1315.7 and more importantly above 1302.33, expect more upside in wave W towards 1333.38 – 1337.61 area to end cycle from 9/1 low. Afterwards, expect a wave X pullback in 3, 7, or 11 swing to correct cycle from 9/1 low before the yellow metal turns higher again.

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