Gold forecast as of 10/06/2009

Gold –  Like mentioned last week, market making new highs will not necessarily change the forecast and so it appears to be – Elliott shows that “Zig-Zag”(ZZ) up is finished and move down has started. Based on current chart, market is in the process of “Double Zig-Zag” (DZ)  2nd wave in the  range of  918.53 – 982.57 between  November 3rd and February 26th.

Market can move as high as 1092.00 without invalidating this pattern. If market does not start moving down before October 26th, tho, we might be dealing with different combination altogether.

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Double 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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