An Update on $GOLD

Gold has more or less been behaving as I have expected. My mistrust in the February rally (here) was justified. The structure as a whole looks like a big distribution top, and we can count a clear impulse wave off that high for Orange 1. I believe we are in Orange 2 now. If it forms a zig-zag, it will form an A-B-C in green as I have projected, in which case it may go as high as the orange box, but it may also form a flat or something else more complicated in nature.

Regardless of that, it should take a while (weeks at least) for Orange 2 to complete, after which I believe it will get massacred, entering a 3rd wave down that can take it to $1,300 or lower.


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