Can I count 5 waves down for GOLD? Possibly and I attempt to show that here on the chart. There are a few extra things on the chart, particularly the fib extensions and retracements, that add some weight to the idea that we might be about to see some upside for the yellow metal. However, it could also be argued that the move up since the bottom on the 21st May is not impulsive and is therefore still corrective. Bulls might argue though that it developing as a leading diagonal. As usual, I'm not sure although I am leaning towards the bullish camp.
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Looks like I should have lent to the bearish camp as Gold is showing marked signs of weakness.