Tommorow, lunch cannot leh....so you flying off Wednesday......cool.......if u around in the metro area in the afternoon...maybe can catch up for coffee or something......
Like the adage of old says, if what don't kill you, makes you stronger , maybe true for Gold !
On the monthly chart, Gold is triangulated, implying an imminent breakout one way or other....bias is on the side of the uptrend....and as some like JP Morgan has been forecasting $220 which chart wise is the topside of the trend channel.....a break of $160-$155 will nullify the uptrend at least for now.....
My take is 4th wave has completed at $150 and 5th wave up is actually in progress. Assuming the 5th wave has also a 5 wave structure......
. wave 1 of the 5th is completed.
. wave 2 of the 5th is terminating or terminated .
. wave 3 of the 5th will start soon....(??)
** Interesting is that if Elliot of old is good on his word than this is a classic Elliot 5 wave.
Satisfying the rule of alternate : If Wave 2 is complex (sideways) than Wave 4 is simple (zig-
zag (a-b-c)) and vise versa....
