GOLD heads up into $ 2,700: long term target and possible "Top"
Updated
Follow-up to my previous $2700 call (click).
The uptrend has continued exactly as "expected".
We are now approaching a "natural endpoint".
Natural as in a Wave 5 that does not "extend".
Even if 2700 is not the top, expect a pullback.
Commodities are known for extended wave 5s.
So very possible we go higher after a dip maybe.
$ 2695.15 is a Golden Genesis fib, a BIG deal.
$ 2710.21 is a local Golden and Wave ender.
$ 2762.41 is the medium-term Wave ender.
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The uptrend has continued exactly as "expected".
We are now approaching a "natural endpoint".
Natural as in a Wave 5 that does not "extend".
Even if 2700 is not the top, expect a pullback.
Commodities are known for extended wave 5s.
So very possible we go higher after a dip maybe.
$ 2695.15 is a Golden Genesis fib, a BIG deal.
$ 2710.21 is a local Golden and Wave ender.
$ 2762.41 is the medium-term Wave ender.
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.
Trade active
BOOM
Target HIT and testing the resistance.
Zoom IN (M15)
Definitely chewing into that resistance
$2695.15 is the BIG one here, Golden Genesis.
Such a high graviity fib should hold ius in orbit.
Lets see what US does on this Friday session.
.
Prepared for a pullback here.
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Trade closed: target reached
BOOM
Target hit! Heads up here bulls
.
Zoom IN (m15)
Almost hit the top bound but it is too hot.
Scalpers should be taking profits in this zone.
Holders may sell some, look to buy back lower.
.
So we will be watching:
$ 2712.88 for high support.
$ 2695.15 as a MUST-HOLD
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Trade active
TOPPED ????
Stabbed thru the top, BUT....
Zoomed in (m15)
We got a Bearish PING on the top bound.
As in "Give me a Ping Vasilly, One Ping Only".
.
Zoom in MORE (m5) and adding a fib to the last dip:
We have a couple of targets to look for:
$ 2719.62 is first guess for end of this first wave.
$ 2709-2710 possible overshoot and should bounce.
.
Let's see what next week brings.
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Note
TOPPED indeed:
We were probably topped before election,
Trump win pushed it over the edge it seems
I will post a new idea with bounce targets.
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