Gold pre-fight challenge

Gold continued demonstrating disrespect to our bearish outlook during the last two days by stubbornly climbing to the point where the current ElliottWave count can be violated. We promised to look for bullish alternatives but never did it so far. What stops us from seriously considering a bullish scenario (at least until the bear case is void) is what happened in the red rectangular area on the chart. The shape of patterns in the rectangular point to the corrective nature of the recent run-up and make us continuously revise bear counts to accommodate price making new highs, while keeping our short positions intact.

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