$XAU Gold Short Term Elliott Wave Analysis 01.28.2016

Short term Elliottwave structure suggests the rally from wave X at 1071.31 is unfolding in a double three where wave ((w)) ends at 1109.6, wave ((x)) ends at 1092.29, and wave ((y)) is currently in progress. Internal of wave ((y)) is also unfolding as a double three where wave (w) ended at 1117.64, and wave (x) pullback is proposed complete at 1109.56. Short term pullbacks now are expected to stay above 1109.56, but more importantly above 1097.08, for continuation higher towards 1130.57 – 1139.62 area. We don’t like selling the proposed pullback.

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