Gold forecast as of 09/29/2009

Gold –  Market moved below 1000 and Elliott shows that “Zig-Zag”(ZZ) up is finished and move down has started. Based on current chart, market is in the process of “Flat” (FL) 2nd wave in the  range of  882.55 – 939.15 between  October 27th and December 18th.

Market move above recent highs will not necessarily invalidate this combination.

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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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