Daud Bhatti
ElliottWave-Forecast.com
We think the yellow metal is in a triple three structure higher from 1131 low when wave (Y) ended at 1221. 2nd wave (X) ended at 1186 and as pull back holds above 1186 low, preferred Elliott Wave view suggests, metal could trade as high as 1265 to complete wave X correction before turning lower again. We don’t like buying the metal and expect to see sellers appearing in 1265 - 1284 area for new lows below 1131 or at least a 3 wave reaction lower to correct the entire move up from 1131 low. Ideally price should not exceed 1.618 ext @ 1314 but only a break of pivot at July peak (1345) in our system would negate the primary view.
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