One Way Or The Other

Today's selloff in gold really got the bears going.  Even commodity bull Dennis Gartman said he believed it could be the beginning of a multiweek correction, BUT today's action in the context of the pattern in the price suggests that it could easily be wave [e] of a 4th wave triangle.  E waves often push the limits and then just as swiftly reverse course to everyone's dismay.  At this point, we need to see gold decline under 1315 to be sure that the uptrend is over.  Otherwise, a move to 1475 to 1500 could be beginning as soon as tomorrow.  The MACD would seem to be saying that the correction is the best bet, but there is really no way to know until gold shows its hand.