I'm still looking for important resistance at 1.3416 (top of wave 2) to protect the upside for a break below 1.3205, which will confirm, that wave iii of 3 lower is developing. That said we have to be aware, that a break above the top of wave 2 at 1.3416 will invalidate the bearish count and call for a rally higher towards at least 1.3776 and possibly even higher towards 1.4414 in a double zig-zag correction from the 1.2042 low.
Here I'm looking for important resistance at 1.5752 (top of wave 2) to protect the upside for a break below 1.5422 and more importantly a break below 1.5102 to confirm that wave iii of 3 lower is developing. However, here to we have to be aware, that a break above 1.5752 will invalidate the bearish count a call for a rally higher towards 1.5900 and possibly even higher.
Gold
My preferred count is, that we currently are in red wave iv and should see a new decline soon towards 1,043.90 as the bigger wave 4 is drawing to an end and a new major rally should be expected, but for now I'm still focused towards the downside for a break below 1,315 and more importantly a break below 1.277 that would confirm, that red wave v lower is developing.
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