This is a bullish count for gold assuming we ended Minor wave 1 at the beginning of September.

Usually a wave 2 retrace between 50% (1281)-61.8% (1263) but it’s not unusual to see 78.6% retracement with gold.

Looking at the chart, it is quite possible that we’ ll do a backtest of the trend line from 2011 in the 1265 area exactly near the 61.8%.