Jnug to Gold Last week of November 2016
Time for a bounce yet? I think yes. But nothing too fabulous. The oscillators need to cool off because the next drop will be big. We are way oversold with a lot of divergences. I think we arein the middle or our B pattern and the Fed hike should mark the beginning of the downward C. I also think that the December 4th Italy vote cold give us a little pop but nothing like Brexit. I measured the drop for a with a purple line. (look at the chart. I copied it and then moved it to where I think our possible high for Jnug could reach (around $11.30), and then used the purple line to measure a possible C move. And as you can see, it was quite a fit right down to where I think a bottom will reach this year or early next year.
Short and sweet this time. GL
I am reposting this dollar chart to aide in what I believe is unfolding with gold. If we have finally topped for wave 3 then, as it is looking, we should retrace down to the 38% zone (marked by Fib #2) which would be the orange line or just shy of it at the major support area red line. That wave 4 correction should cease on December 14th when the Fed raises rates, which should begin our wave 5. I believe that wave 5 could equal in size wave #1 which I measured with Fib #3. I do not believe that wave 5 is going to equal wave 3. That being said, I think we can reach the 103.98 -104 range for wave 5 but not exceed 105.22 (which would be a 100% move of wave three if in fact wave 3 has ended and wave 4 ends at the 38% retracement).
At this point, it looks like gold is climbing nicely. Hopefully it continues into Monday.