Jnug to Gold "A little more of a drop before the bounce"

For the Gold chart, I am anticipating a little more of a drop to test the blue trend long term blue downtrend line. It appears to m that we have been making a series of three wave patterns since early 2016. We may very well still be in a triangle pattern. The pink line with a pink arrow at the top of the page marks the top of both 2016 and 2017. The blue uptrend line with a blue arrow marks the long term uptrend line from the December 2015 low. If I am correct then we should be in the middle of three waves down to possibly drop back into that earlier wedge. The black uptrend line with black arrow marks this years trend line and should be broken for the end of year yearly cycle low. The FIB measurement is an approximation for the top of the bounce for this three waves (1300ish) and as you can see the 100% move down would be the uptrend line. In the longer term view this still looks like we are in this triangle and in the D wave of an ABCDE. Lets see how this plays out over the next couple weeks. I think we will get the RSI to touch the oversold level.

For Jnug, maybe we will be getting something like this in the coming weeks. GL

Comment:

I believe we bottomed today for gold and will be getting a balance maybe for a couple weeks. I believe that today we finished a minor wave 2 drop this morning and have already completed wave two days ago and have just begun wave 3. I am expecting Jnug to reach that upper downtrend line.

Comment:

we are clearly in that bounce that I was talking about. I expect this to be a b wave zig zag formation and I do not think gold itself will be able to break through that 1305 zone.
As for Jnug...it appears that we started a mini wave 4 and should push up to the 50 WK MA and that trendline before topping. good luck