The wave 4 correction looks to continue to extend in GBP/USD, although the wave B down of 4 may not yet be complete a wave C of 4 should take prices just above the wave A high before reversing down to new lows in wave 5.
Why the coming rally in gold is not a wave 3 up to new all time highs... the count from the 2011 high is down in 5 waves, wave 4 is a contracting triangle and wave 5 is an ending diagonal. This 5 down is Wave A of a large Zig Zag. We are currently in wave B which on this chart is shown as a wxy combination it could also be an abc zig zag. Either way prices should ...
GBP?USD descending in impulse wave 5 to new low. The Elliott wave labelling on the chart shows the more bearish scenario of i ii (i) (ii) to the downside based on speculative sentiment index of 70% bulls which as a contrarian indicator would suggest that there is further downside before a significant rally begins.
Wave A starts at the high in 2011 and completed at the label A at the beginning of 2016. The beginning of wave c of B is imminent signalled by the current extreme negative sentiment to gold and bullish momentum divergences on daily chart. Wave c will be an impulse wave carrying price to above the wave a extreme at 1373.