The first point looked for to give confidence in the Elliott wave count is now seen in a candlestick reversal pattern. Today completes an Evening Star on the daily chart for Gold.
The second target was met and price kept rising. The third and final target may now be used.
Some downwards movement was expected, which is what has happened.
A little downwards movement was expected to a short-term Elliott wave target about 1,232. Downwards movement for the session reached 1,233.44, just 1.44 short of the target.
More downwards movement was expected.
Sideways movement continued at the end of the week, which is what the short term expectation was for the Elliott wave count.
A small doji candlestick continues sideways movement.
The expected direction for the breakout from this small consolidation is still the same.
Sideways movement continues as the preferred Elliott wave count expects.
More upwards movement for the short term was expected for both Gold and GDX.
Downwards movement continued a little further as the main Elliott wave count expected, but fell 8.69 short of the target.