History doesn't repeat itself, but it often rhymes
A nifty aphorism by Mark Twain. The current bullish sentiment on Gold is analogous to that of Dow Jones Index in Feb 2020. We all know how it went next.
I will label the current uptrend in gold as a Y (abc) wave of a larger double three (WXY) as depicted in the chart. The b wave in this Y structure is a running triangle with 5 three wave structures. Using 1 X of 'a' wave, the 'c' wave has a target price of 2336, close to the current price of gold.
A swift reversal should be round the corner. There is a Chinese idiom that describes things will move in the opposite direction when they become extreme. I have inserted the idiom in the chart !
We shall see !
I will label the current uptrend in gold as a Y (abc) wave of a larger double three (WXY) as depicted in the chart. The b wave in this Y structure is a running triangle with 5 three wave structures. Using 1 X of 'a' wave, the 'c' wave has a target price of 2336, close to the current price of gold.
A swift reversal should be round the corner. There is a Chinese idiom that describes things will move in the opposite direction when they become extreme. I have inserted the idiom in the chart !
We shall see !