salsapete

Gold Count for the Bulls - another attempt at publishing this !

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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Here is another look at the longer term picture of Gold with wave count , with some fibs to consider.

1. Primary Wave 3 topped out in August 2011 @ 1.618 fib extension of Primary Wave 1. This wave had equal intermediate waves 1 & 3 , and alternated to Primary impulse with an extension of intermediate wave 5.

2. Primary Wave 4 was completed in October 2015. This wave retraced the primary uptrend back to the 4th wave of one lesser degree ( intermediate wave 4)

3. Primary Wave 5 has completed intermediate wave 1. A zig zag correction has taken a . 786 retracement of intermediate wave 1. This may suggest that intermediate wave 2 has also completed, and we may have established a low for Gold @ 1118.

Projections

1. Assumption 1 - Golden Section ( .618 - .382 fib split with wave 4) would have Wave 5 terminate at .382 extension of Primary Waves 1-3 @ 2550 ( Happy Bulls)

2. Assumption 2 - given it is unlikely to see 2 extended Primary waves within this bull uptrend, then there may be equality between Primary Waves 1 & 5. Now we have a target of 1819 . Which would provide a truncated Primary 5th wave , and would be an ominous sign for the bulls.

3. Assumption 3 - the top wave count for primary Wave 5 , is a .618 extension of waves 1-3, @ 2947. ( Bull Heaven) . Others would say Bull %$#@ !!!


Keep your eyes on the prize. :)
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