It is difficult to rhyme the S&P with the TSE, they seemed to be a little out of phase with each other. In the S&P the last leg down looks more like a new wave down whereas in the TSE the idea of a B-wave seems more plausible regardless of the appearance of 5-waves down, Certainly the possibility of the action over the last few days being a wedge (has to be a c ) would make that imperative. Even so the wedge may be a simple a-b-c as well so I would not dwell too long on this. Here the important thing is that whatever the pattern in either the S&P or the TSE, we are at the cusp of a big down-leg.

The original idea that this may develop as a b-wave, as shown yesterday, may not be correct. B-waves are 3-waves not 5-waves and unless I am blind this is a 5-wave move. Ergo the possibility has to be entertained that this is wave one of the next leg (a small 3d wave.) If correct there is just a little more upside on Monday as we now have seen so often and then a virtual crash for the next leg. This is very tricky but very possible!

Either the TSE has completed the entire rebound by doing the very minimum and is now beginning the next which will get nastier soon, or we have a b-wave and will shoot back up and only then start the serious drop. I have no idea but one thing is clear and that is that gold by dropping more than $45 in the morning is clearly losing its luster.