Gold missed Zigzag; now a double zigzag formation possibility?

2014年7月28日

To me this seems like a possible
2nd corrective zig zag wave;
where B was a perfect 61.8
retracement which set up for a
zigzag AB=CD pattern, but on
friday price reversed on C point;
which disallowed the zig zag
to complete.

Whenever a zig zag target misses;
there is always a possibility of a
double zigzag to be formed hence
I am drawing this chart with an
expectation to see a bullish X leg
which should end somewhere in the
vicinity/range of B; after which a
double Zig zag pattern should resume
and stay in line with the current bearish view.

However if the top of B gets taken
out or if we don't see an A wave below
C(w) then this count is invalidated and
it could be safe to assume that a
bullish wave has begun.

An alternate view is seen in the red arrow
which is based on the assumption that
1312 resistance will not be taken out.