Gold might’ve topped at the 1557!

Below is a 2 week bar chart going back to the 2011 high. Notice that the drop to the 2015 low is in five waves. With the subsequent three wave move retracing up to the 61.8% of this move, it looks like we have an A-B series complete at the near 1557 high.

From the 4 hour chart the 1-2 count down from the 1557 Sept 4th high is looking suspect.  Remember that wave twos can retrace up to 100% and no more.  So far price has been able to make it over the 1484 Sept 10 low.  The move is strong and looks like it could have some legs pushing price up for a test of the 1557 invalidation high.  Plus, the impulse down is ugly.  I have it counted as a leading with a weak 4th that didn’t make it. 

But now it is looking like three.  I am following Fib retracement levels up.  If it fails before it gets to the 1557, then we most likely do have a flat for 2. 

If it moves above the 1557 then 114. and 127.2% retraces are resistance.

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