31 May Gold Elliott wave analysis: imminent bearish correction?

Sometimes, the projection of wave 1-3 from 4 completes wave 5 at 38.2% especially if the 1st wave is very small and the 3rd wave is extended. Price completed the 5th sub-wave below 1271 and there was significant breakout. After breakout, price had an intraday bottom at 1258. The break below 1258 will confirm the 1st scenario. If price rallies to break above 1271, the 2nd scenario will lead price to 1280 before looking for bearish clues. If price remains below 1271 and breaks below 1258, more dip could be seen to 1225. More updates will come later.