Long-Term GOLD

When Gold is reviewed on a long-term-basis, problems arise with degree labeling, especially in the most recent weekly waves, unless the center section is seen as a long-in-time fourth-wave triangle as seen in the 3-monthly log chart, below.

Notice that after the 2012 peak in Cycle III, the Elliott Wave Oscillator, EWO, did take on fourth wave characteristics by traveling under the zero line again. Also note three items.

• The triangle would be in a 'typical' fourth wave position. It 'may be' a non-limiting triangle, and it would alternate with the sharp Cycle II wave.
• The recent extremely impulsive action looks like the 'thrust from a triangle'.
• The typical technical analysis measurement of the "widest-width-of-the-triangle added to the breakout point" is coming up ahead.

This measurement is one of the few measurements that make sense, whereas other Fibonacci ratios in the recent rise would be extremely out of proportion. For this reason, we are counting the current impulse up in parallels until we can no longer.

Have an excellent rest of the day and start to the weekend,

TraderJoe