CUP AND HANDLE BREAKDOWN!

Gold has now broken down out of the elliot triangle wave. I Gold to continue with a downward channel for a E Leg down from the Longer term Elliot Triangle wave toward the Lows of late last year. I will post an update to show that possibility. This is short term bearish. In the longer term it still needs to be confirmed if Gold is going to break up or down out of the longer term consolidation that has been taking place for the last couple of years. In any case Gold is running out of room and will have to make a decision on what direction it will go. I expect this to be confirmed by years end. This thing could go either way. Nobody knows.