Gold ~ new highs in gold means the five year correction is close to an end...
In the last update we were looking for gold futures to rally to a new high to complete five sub-waves of wave 5. This move would also complete (C) of the larger "primary" degree wave [B]. Today we got the push higher to prices that we have not seen in seven years. This chart of the April futures contract shows that wave 5 will equal wave 1 of the same degree at the 1630.00 area which is a good target. Today's high came close at 1626.00! We could see a smaller degree fourth and fifth up/down move to make the final high. The wave pattern down from the all time high in 2011, as five waves, to the low in 2015 is clear. The three wave corrective rally from that low over the past five years is now also clear. This means that the price of gold is ready to start the next large wave down which should be in the form of five waves. This move will take the price below 1000.00 with a perfect target being near 750.00. Once this move down completes, probably over the next...