I'm looking for a series of lower Lows in the coming days weeks and wave C continues lower. I would expect wave C hit just below 1,165 where wave C is 1.618 times longer than wave A and we could even see it lower towards the 1,012 - 1,045 area.
You can see my last post regarding gold from April 17 here: http://theelliottwavesufer.blogspot.dk/2013/04/elliott-wave-analysis-on-gold-crude-oil.html
Is already making new Lows and will like continue to 18.63 and possibly even towards 13.83 in wave C of Y.
The break below support at 21.34 has confirmed the long term corrective rally from 4.00 in November 2001. If we had counted this rally as impulsive we would now have an overlap between wave 1 and 4, which is not allowed under the Elliott Wave Principle. The former support near 26.00 will now act as strong resistance if tested.
Please see my post from April 25 here: http://theelliottwavesufer.blogspot.dk/2013/04/elliott-wave-analysis-on-silver.html
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