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The short term target has been updated.

Note: Unfortunately, my desktop and laptop died in the last 24 hours (maybe it was that lightning strike?). So I am using a borrowed laptop, but it does not yet have the recording and editing software for recording and editing the video analysis. I am sorry but there can be no video today, and I expect normal service will resume tomorrow. Therefore, this update and the prior text analysis contain everything I would have said in the video. Thank you.

Summary: The short term target may be updated to 1,202. The target for this wave to end remains the same at 1,182.

Click on charts to enlarge.

GOLD Elliott Wave Chart 2014

It looks now like micro wave 3 within the extending wave of subminuette wave v is over. There is no Fibonacci ratio between micro waves 3 and 1. At 1,202 micro wave 5 would reach 0.618 the length of micro wave 3, and also at 1,202 subminuette wave v would reach 2.618 the length of subminuette wave i. This target calculated at two wave degrees has a reasonable probability.

I am not labelling this movement as the middle of minute wave c but only as minuette wave (i). It has not moved low enough yet for the middle of minute wave c to have passed.

Minute wave c must subdivide as a five wave structure, either an ending diagonal or a simple impulse, with an impulse more likely.

When minuette wave (i) is over then the duration of minuette wave (ii) will give an indication how long minute wave c should take to reach the end target at 1,182. If minuette wave (ii) shows up on the daily chart as one or more green candlesticks or doji candlestick then minute wave c may be more long lasting, ending in another 7 days to total a Fibonacci 13.

If minuette wave (ii) does not show on the daily chart then minute wave c may be quicker, ending in only two more days to total a Fibonacci 8.

In the first instance I would now look for resistance at the lower edge of the pink channel. If this trend line is breached I would look for final resistance at the upper edge of this channel. Minuette wave (ii) may reach up to the 0.382 or 0.618 Fibonacci ratio of minuette wave (i), with the 0.618 ratio more likely.

This analysis is published about 05:25 p.m. EST.