Previous alternative scenario was invalidated by breaching the 1526$/oz. level.
Previous base scenario becomes alternative (green count), though it is still valid and therefore worth attention.
Through friday`s events base scenario has been extended and currently the count shows that we`re in a purple wave (iii) of corrective C wave. First signs of invalidation and trend reversal will occur at about 1300 $/oz.
PRZ are around 1448 for alternative scenario (green) and 1396 $/oz. for base scenario (red).
Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies waves identified as impulse waves that set up a pattern and corrective waves that oppose the larger trend.
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