Gold Daily - Ideal Elliot Chart ... we look to be targeting ~1700 with the next push higher (should it come), there could be another 20 days or so Wallying around @ these levels before we move up by the look of it. That said I'd be prepared for it to break up any time soon. One the down side the 1500 odd level (1503?) looks to be @ about trend for now, if the shorts gain traction I'd like to see that hold. Breaking trend here could lead to a frustrating 6 months or so IMO.
Generally it signals a weakening trend, buying or selling exhaustion. IMO that is the prudent way to look at it unless there is reason to think otherwise. Take any trend break from low volume on rising volume seriously, expect it to be a reversal but not always.