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Gold Rally is Probably a Corrective 4th Wave

300 Minute Bars

Prepared by Jamie Saettele, CMT

I wrote Friday that "the bounce from 1560 could reach 1620/40. Shorts are favored into that zone (watch the Elliott channel as well) in anticipation of a test of the September low at 1530." The bounce is certainly corrective and has so far failed ahead of the 1620/40 zone. In fact, the rally has stalled near Elliott channel resistance and the rally is viewed as a 4 th wave. Expectations are for a test of the September low at 1532.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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