SUMMARY
For those who are considering to buy GOLD either as bullion, coins or ETF, perhaps the below chart could help augment your analysis:
Note how the white impulse waves showed a clear five wave impulse. Note also how the fifth wave was extended. Extended fifths often is a warning sign of a very deep and painful correction and the retracement could be as much as 86.6% fib level which is square root of the 0.78 fib station. The bear flag is also quite uncanny on how it completes the red wave 2 of (c).
To me, this chart is screaming out the ZIG ZAG Elliott Wave correction in the form of 5,3,5 waves!
STRONG SELL!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**