Since CEW was discussed, I thought I would put an EW perspective on it. The long term count on the left suggests we are nearing the end of wave 1 of C in the final 5 wave down move. On the right is a close up on wave 1 down. We should be in wave 5 of 1 which itself can be subdivided into 5. Within that subdivision we should be completing 3 soon so I would look for a bounce and then a final low to end the wave. The likely signal for that will be positive divergence on an hourly RSI. The most probable target at this point looks like 17.6. If I was using this chart to play gold I would watch for the black 4 to 5 leg to break the downtrend. The expectation is then a three wave move retracing 61.8% of red wave 1 and taking perhaps 3 months.

As has been mentioned, the critical part of EW or any analysis is to recognize the point where the assumption breaks down early and readjust. Also use intermarket confirmation. So e.g. if I see the Euro hit it 61.8% retracement at 1.12, the dollar at just under 98 and copper futures at $2.45 that is where I would expect a reaction.