The Millennial Bull Rally seems having a contractional ending when counted in logarithmic scale. When measured, forming -IV- require 1435$ and the -V- will hit 2257$ to end the bull rally.
This is wrong sorry. Wave 3 is always the longest…
Gentlem4n
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@DU09, it's logarithmic dude. in regular scale it's longest already. but I don't know which III you're pointing out. (ps1. rule says 3 cannot be the shortest of 3 waves, not saying 3 must be the longest.) (ps2. there are few guidelines of exceptions, depth of correction/leadings/ etc.) thank you for your comment :thanks:
DU09
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@gokhanbuz, Falling to $1,500 would be a dream, I think its unlikely. Gold is undervalued considering the inflation levels.
Gentlem4n
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@DU09, I'm likeminded completely, but the market & technicals are not for a year now. it's a shame for fundamentals the gold valuing the Gold under 2K already.
PriceActionHelp
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The I wave of the diagonal looks too long, unless wave III is still in progress. Still, wave I looks impulsive (not allowed in an ending diagonal). Also wave II looks impulsive suggesting a zigzag (with wave C in the current wave IV).
Gentlem4n
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@tfargo, yes, two major abc counts tbh fitting better.
UnknownUnicorn4430035
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Technically it looks good... but there is a fundamental mess these days that violates any other rules.