Well, I hope everyone enjoyed their pancakes on Shrove Tuesday! I had three and they were yummy.

Progress of the forks:

Shrove Tuesday pitchforks

Just looking to see if the median lines have been tested yet. Funnily enough, most of the median lines were revisited before the highs and lows were made (see circles).

The ellipses at right hand side show potential initial median line targets for grey and blue forks still in action to reach top rail of the forks These are $1220 and $1240. Interesting to see where it lands! Price looks to be capped at $1200 yesterday and today, with a slightly higher yesterday … is that slightly ominous?

Shrove Tuesday pitchforks circles

If there is a downside reversal from there, possible lows could be anywhere over $1260 for the grey fork and anything over $1280 for the blue fork without violating them to the downside.

Looking at more geometry: I was looking for the Wolfe Wave type moves, 12345 on purple wedge, which looked like a Wolfe wave but then went lower after hitting the median line of the grey fork, then 12345 on the red wedge, which looks less like a Wolfe wave because 1, 3,and 5 are exactly in line and there was no overshoot under the bottom line of the red wedge. I am not even going to begin to consider the Wolfe wave targets:

Shrove Tuesday pitchforks circles Wolfe wave lines ohohoh

Actually, I hadn’t noticed that the last 3 lows on gold were exactly in line (1,3,5 on the red wedge).

NOW,  look at where gold is at $1201, EXACTLY on the upper line of the purple wedge! Now that is interesting. Gold has  stopped exactly at the top of an old wedge starting from early 2014 which includes the early 2014 and early 2015 highs at 1393 and 1308, plus this current high at 1201! This might imply that the early 2016 high could be $1201 but the recent move looks different in geometry from the early 2014 and early 2015  up-moves.