Gold forecast as of 10/19/2009

Gold –  Elliott shows yet again that the “Zig-Zag”(ZZ) up is not done and is in the process of 3rd wave in the  range of  984.70 – 1086.46 between  September 14th and December 24th.

Market needs to move below 1020.00 to have any confidence of calling the end of the up move.

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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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