We think the yellow metal is in a triple three structure higher from 1131 low when wave (( Y )) ended at 1221. 2nd wave (( X )) ended at 1186 and as pull back holds above 1186 low, preferred Elliott Wave view suggests, metal could trade as high as 1265 to complete wave X correction before turning lower again. We don’t like buying the metal and expect to see sellers appearing in 1265 – 1284 area for new lows below 1131 or at least a 3 wave reaction lower to correct the entire move up from 1131 low. Ideally price should not exceed 1.618 ext @ 1314 but only a break of pivot at July peak (1345) in our system would negate the primary view.
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