I like your long term idea. However the great question is whether wave 4 has ended. There is a triangle there which often leads to a breakdown thrust down and then a bottoming process. As far as we know that thrust could carry to 800
Totaly true & right. Also wave 4 usual targets are 38% or 50%.. 62% is more risky, kind of a "last stop" kind of thing and usually means that wave 5 probably would end at previous wave 3 high, double topping. Im watching for a "fundamental" development, with a weak euro, strong dollar and emerging markets in trouble. Picking bottoms and tops is a suckers game were you always get burned, but as you said, its a "long term" idea. It seems as events could help gold to get at least a bounce from the 61.8. Lets see what happens. Im not long nor short, I do not hold a position in gold right now. Thanks for your input!