It's always a good idea to look at both sides of a trade, and in Elliott Wave it's also a great idea to consider alternative wave counts in order to get closer to one that's more likely. This weekend I'll try to zero in on gold more, to check the likelihood whether or not it's got much more room to run. Calculating just this afternoon, as you can see on this chart there might be alternative levels of 947.50 or 952.50 to view as resistance for the Elliott Wave "B" wave up count. (Note, while I'm discussing Elliott Wave, it's my own and the default label that refers to Tony doesn't mean this is Tony's view - I'll post his charts below - look like Tony has in mind a Wave V up and clearly more bullish than the "B" wave idea.) While I will do more work on it this weekend, I'll go ahead and post this little chart alternative this afternoon to help ponder this. Especially since it does look like gold came out of a small triangle for which the objective would be already reached at 947.50.
Maybe I'm over-working it right now. So here's the chart, but let's take another look this weekend:
**Update, PS -why not take a look at Tony Caldaro's Objective Elliott Wave count for gold. We can see that Tony's got the count that we saw Wave III at the 1033 peak, then we've bottomed Wave IV, so we're still along the way to Wave V up. Clearly a more bullish count and I'll take a look at it in more detail this weekend too. These charts are from Tony's public charts (you can see via his chartlist link, at his website included in the "other sites of interest" at right side of this page):
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