300 Minute Bars
Prepared by Jamie Saettele, CMT
Analyzing structure from the July low suggests that a series of 4th and 5th waves should unfold. In other words, gold is headed higher but with corrections along the way. The latest correction ended just before the former 4th wave extreme at 1720 and price is expected to reach a new high before the next 4th wave begins. Look higher. Gold has reached a record and the next upside level of interest is not until the Elliott channel near 1875.