This is a double harmonic ellipse setup over long term data ! IMO gold had already started a bounce and will be starting a breakout move that will catch the upward ellipse middle line. Next new candle is Oct. 2018.. enjoy!
@maximus71, short answer: it is a sacred and harmonic number.. also good for charting long term dataset 108 is close to 1/3 of 1 year
Look up wiki: en.m.wikipedia.org/wiki/108_(number)