Updated Gold Technical Analysis Chart from 18Aug

The chart shows us hitting upper resistance which should be solid if the original Elliott Wave Analysis was correct where we could count 5 waves down.

A 5 wave move is impulsive and should signify more down side to come (if correct).

We were looking for a 3 wave correction and are counting this price action as an extension to ‘c’ of what we labeled as w2 and can be counted as complete here again giving a decent shorting opportunity.

Traders Day Trading is now swing short on Gold from 1157 and if we break the high we will need to re-assess the situation as we know wave 2′s do  not retrace more than 100% of wave 1