Here is a chart showing the projection to 802- wave 1 starts at 542 & wave 4 is assumed to have bottomed at 647. If wave 4 goes lower, projection is invalid.
: : Oops, wave 5 up actually would target 802. Wave 1 bottom is 542 & the midpoint of wave 4 is 672 so (672-542)+672=802.
: : : Wave 4 down may have bottomed at 647 which is the 38.2% retrace of wave 3 up from 564 to 698. Still have to get above trend line resistance which is now at about 670. If wave 4 bottom is 647, wave 5 up targets 780.
: : : : Resistance is projected at 680 which is also the 61.8% of the move down from 698. Gold will have to get & hold above 680 & preferably 684 (trend line resistance) for this nascent uptrend to become convincing.
: : : : : Have to be extremely careful with $Gold here- we may be putting in a larger pattern wave 4 down. 654 must hold as a low- If it does not, 637, 620, even 600 areas could become targets.
: : : : : : Keep an eye on $Gold- today it has retraced 61.8% of a 635 to 697.5 rise.
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: Gary can you put a chart up with teh wave counts and projections?
: Thank you