XAU Wave 4 Short Term Downcycle Thoughts

On Friday the XAU fell off a cliff/had a steep decline, which was Wave A down of the Wave 4 Short Term Downcycle. See http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=l&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. Then Wave B peaked in rollover mode today, with three peaks occurring in about a session's time, roughly forming a triple top. Then Wave 4's Wave C down began late today and may have bottomed late today, or, if not, should bottom early tomorrow.

The fact that the XAU fell off a cliff on Friday was a sign that it hadn't bottomed on Friday because downcycles usually begin relatively flat. Downcycles usually follow an Elliot Wave ABC down up down pattern, which means they usually begin relatively flat. ....... http://www.JoeFRocks.com/