Gold and the 5 wave reversal
On Monday morning GOLD gapped down $12.80 on the open.
Friday night produced a higher high (5)
The 5 wave pattern begins from the rally out of the Rounding base into a widening pattern into point 5.
The final result would be a move lower from these levels.
A closing price above the high (5) would simply indicate a continuation of trend.
Over the next few weeks this pattern can play out into a low at $1100.00 the original breakout level.
Behind this Gold stocks may retreat from the current bullish rally.