Gold price has most probably completed or is near completion of wave 2 down. Wave 3 up should follow targeting $1,400-$1,500. Confirmation will come once price breaks above the long-term red trend line resistance. $1,220-$1,170 is the area where I expect price to start the reversal.
Elliott wave international has the big decline from 2011 to the beginning of 2016 is wave A of a zig zag, Perhaps your waves 1 and 2 on the chart should be waves a and b of wave B of the aforementioned zig zag. I am looking for wave c of B to start imminently on current extreme negative sentiment signalling trend change.