$XAU Gold Short Term Elliott Wave Analysis 01.29.2016

Short term Elliottwave structure suggests the rally from wave X at 1071.31 is unfolding in a double three where wave ((w)) ended at 1128 and wave ((x)) pullback is in progress to correct rally from 1071.93. Internal of wave ((x)) is unfolding in double correction where wave (w) ended at 1111.3, wave (x) ended at 1118.25, and wave (y) is in progress and ideally reach towards 1093 – 1100 area before turning higher again.

 

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