Gold forecast as of 09/22/2009

Gold – As market continued moving up Elliott now shows that the “Zig-Zag” 3rd wave is not complete. Market is in its price and time area but has room to move up and time to do so.  ZZ 3rd wave is supposed to complete in the  975.75 – 1040.29 price range between  September 11th and October 28th.

Market move below 1000 makes it likely that ZZ is done and new wave down started.

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

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