Continuation of Gold long and short term forecast...looking up!

This mornings spike lower finished the 5 down of the abc, 5-3-5, correction to complete minuet (ii)...look north now for a sharp rally which would be a 3rd of a 3rd to near completion of this large scale bear market rally...this leg should take GC to ~1595 - ~1400 before the next minuet correction (iv)...

Commentaire:

OK...so I missed the turn up by calling it too early at the end of the first zig zag that has extended to a double zig zag ending the green ii corrective extended flat. That corrective channel has now been penetrated in a sharp upward move one would expect from a 3rd wave so I stick with my call of looking long until the end of at least (iii) of (C).

Let's see what shape (iv) of (C) takes. If it's a triangle then we can refine our final upward target for (v) of (C) before looking for the deep slide in gold as the primary bull market resumes...

Commentaire:

(B) of this primary ABC correction has morphed into a triangle rather than terminating and beginning (C) upward. See my updated analysis on gold to see my updated forecast.