 I was looking over Gold this morning and in particular, a chart of GLD, and noticed some pretty clear Elliott Wave pattern observations. I’ve included a chart below with a few Elliott Wave interpretations identified on the chart. Keep in mind that these are my interpretations only. To keep up to date on a more regular basis and receive expert Elliott Wave forecasting, I highly suggest to consider a premium service like the Elliott Wave Financial Forecast Service. If instead you want to learn more on your own for now, that’s great. There’s nothing wrong with that also. In fact, I always encourage any type of learning. I have a lot of free articles and resources on my site to help you out. You can find some here: Elliott Wave Information and Resources or do a quick search on this site using my search box located in the top right of any web page on the site. There’s also a great introductory set of free video lessons on Elliott Wave accessible in the right column. Looking at the chart below, you can see that I added a few labels as I mentioned above.
I’ve added what looks to me to be a clear minute 5 wave decline identified by circle i, ii, iii, iv and iv and within the minute iii wave, a minuette 5 wave decline identified by (i)(ii)(iii)(iv)(v). The appearance of five waves display the direction of the trend to one larger degree. This clear chart pattern increases the potential for a major trend reversal to be in place for Gold. For this to hold true, prices should now rise, not necessarily in a straight line of course, but should rise no further then the recent highs set last week. If the prior highs do hold, then yesterdays low should be considered a 1 of many more lows to come in the months ahead. I’ll continue to post updates each week as I have been. Copyright © 2008-2009 Online Stock Trading Guide, LLC  | 
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