Gold forecast as of 09/01/2009

Gold –With the market trading in the range, Elliott has now two possible scenarios:

A: market is in the process of  “Flat” (FL) 3rd wave in the range of 747.21 – 857.90 between September 30th and January 11th.

GOLD5_090901_A_Blog

B: market is in the process of  “Flat” (FL) 2nd wave in the range of 973.86 – 1022.12 between September 9th and December 24th .

GOLD5_090901_B_Blog

Market move below 930 makes scenario A more likely, market move above 970 makes option B more likely.

Flat is a three wave pattern, where 1st and 2nd wave are corrective in nature and 3rd, the last wave, impulsive in nature.

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