Gold ~ fills six year gap and hits several fib targets...



We first mentioned a gap on the chart after the five wave decline completed in 2014 as a target for the coming correction. Little did we know it would take six years but price has made it to and exactly filled a small gap that has been open since 2013 (shown on the chart).

 Currently, the chart has been labeled showing that price is working in "minor" wave 3 of "intermediate" wave C. The overnight high of 1565.00 hit a Fib - 3 = 1.618 of 1 - and also was right at a 50% retrace of the decline from 2011/2014.

 Wave 3 could have one more down/up sub-wave before completing but, it's not necessary and wave 3 could be complete.

 As we now monitor for a wave 4 correction and watch for a wave 5 rally to complete wave C...we only see one alternate. 

 Price has already achieved several of the targets for the ABC correction from the 2014 low. It's possible that the current rally (C) will end as a three to match (A) of five. This would make the entire correction from 2014 (double three flat or WXY) already complete. 

 For now we'll consider a wave 4 correction underway unless price confirms the alternate which would mean the next bear market decline as "primary" wave [C] has begun.
Follow the Trend
and
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