hypothetical long term gold chart
1. orange line is median going back 30+ years.
2. Current wave 4 retrace to level of preceding wave 4 on a lower scale.
3. .5 retraces are common even in last bull run.
bull target 1700, then ABC correction back to long term median and .382 fib of current impulse.
Then off to the races for 5k gold... if usd is even around then... :P More likely we'll be converting gold into libra or some other hegemonic synthetic currency as mark carney puts it. :)
2. Current wave 4 retrace to level of preceding wave 4 on a lower scale.
3. .5 retraces are common even in last bull run.
bull target 1700, then ABC correction back to long term median and .382 fib of current impulse.
Then off to the races for 5k gold... if usd is even around then... :P More likely we'll be converting gold into libra or some other hegemonic synthetic currency as mark carney puts it. :)