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Gold: Elliott Wave Counts (Update 4th Feb 2018)

|Includes: DGLD, SPDR Gold Trust ETF (GLD)
Summary

Gold has overshot my previous high expectations. However, I believe that this is what EW terms a "throwover".

In all honesty, the sub-counts looks weird and thus it may be good to keep it simple and look at the big picture (which didn't change since my last posts).

I believe that we are finally seeing the downtrend for Gold and I won't bet that it will see a new high for some time yet.

Gold EW counts Weekly Gold EW counts WeeklyThe above chart is cleaned of other counts and thus it also reflects my position in terms of trading this instrument: short it, place a stop above E and leave it to do its work.