Current snapshot is below. The red model says that 5 up have transpired while the blue model says that this last peak was really just 5 of C (which is what the model above suggested could happen). At this point we don't know which it will turn out to be but we should get an idea pretty soon.
This is really a turning point for the EWI vs Avi model. Avi needs this to turn down right now and to make one final lower low for his "huge gold bear since 2011 is over" model to be correct. On the other hand, EWI says gold will rally to $1300-$1400 in 5 waves up from the recent bottom before collapsing into the big fat deflationary C wave down.
Given that this is a major major decision point, I expected the turn to try to be tricky which is why I allows for C' above. That final wave could be interpreted as a rising wedge and if that is the case then it is a C and not likely a 3. But we will only know the truth after we see what happens over the next couple of days. At this point blue (Avi) is still my primary model but if the data dictates that I change this view, I will not hesitate.
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