: : 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
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: I like the alternation in waves 2 and 4. Wave 2 being deep wave 4 being shallow. You should see alternation in those two waves which gives more validation to your count. Also the bottom of wave 4 testing the bottom of wave 4 within wave 3. Good stuff.
: Thanks for the chart..
Paul- the start of wave 1 (542) to the center of wave 2 (620) projects to 698 which is why I think wave 3 ended there. Hard to say where wave 4 ends- if we go below 647 then next stops are 631 (50%) & 615 (61.8%) retrace of wave 3.