Gold forecast as of 09/15/2009

Gold – Looking at the last week’s FL 2nd wave closer, Elliot shows that there is a completed “Zig-Zag” (ZZ). This ZZ could very well have completed the FL 2nd wave, as it took the market to the likely time and price area.

Or it could be 1st wave of the FL 2nd wave, in which case the included “Double Zig-Zag” scenario might be working out. If this is the case, then market will move to 940.81 – 983.53 between October 1st and November 20th while in the process of its 2nd wave.

Market move below 905 may signal that FL 2nd wave is done and 3rd wave down has started.

GOLD5_090915_BlogDouble Zig-Zag is a three wave pattern, where 1st and 3nd wave is Zig-Zag and the 2nd wave is corrective in nature.

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