We seem to be in a clear descending channel for now- see the following chart.

A break of the lower trendline that is not quickly recovered means that the sell-off is accelerating. Today we wiped out 3 days of gains since Monday in one fell swoop.

$Gold took a $46 hit today falling below its possible 1075 "A" wave low with a possible 1162 "B" top and setting us up for a possible "C" wave down with a target in the 1010 area.

$Usd closed near its highs at 79.92- the previously mentioned wave 5 target is not far away at 80.8.