More Evidence For $1240 Gold
Not only does the horizontal support intersect the ‘bowl’ at $1240, but a .618 Fib retracement takes us to the $1240-$1245 region as well. Coincidence ?
Not only does the horizontal support intersect the ‘bowl’ at $1240, but a .618 Fib retracement takes us to the $1240-$1245 region as well. Coincidence ?
NorthStar, Nice work. This lines up with my own target which ranges from 1236 to 1258 for the next ICL.
That’s good news Surf. We’re on the same page then. It’s nice when we come to the same conclusion independently. Gives more confidence for the coming ICL. It’ll be interesting to see how strong the move up and out of that low is going to be, and crucially, whether we break through that overhead resistance.
Maybe…
But according to your chart, a plunge to the 100% fib is just as likely (ie. symmetry with the 2013 plunge out of your parabola).
Of course there are many factors that will determine ‘how low she goes’ – particularly the ‘madness of the crowd’.
Either way – 62% or 100% – IMHO, those same factors point strongly to a good outcome before 2021 (ie. the top right hand corner of your nice chart).
Peace, success: P