Is Gold in super cycle degree correction?
Gold has been on break out mode seems to be forever and yet, it is not going anywhere. Gold bugs are trying to hype up as much they can, but the price is moving in snail pace. This brings to my primary count for gold. Amazingly, trading view has been able to get the price since 1833. In a few years that will be 200 years of price action. So, it is fairly safe to assume we can count grand super cycle.
My primary count is speculating gold is in an expanded B wave correction on super cycle degree for grand super cycle wave 2. B wave can travel 1.618 fib expansion, which will be around $3100 before the downturn starts. We should also see another dip for wave 4 of intermediate degree, back to around $2200 area before starting the final wave up. The whole thing can take another year and a half to play out, given the price rise is so slow. Only if Price crosses $3200, I will switch to a much more bullish count. Until then, I speculate that de-dollarization and unprecedented interest rate hike by BOJ along with big money and sovereign nations putting money in BTC, can crush gold demand and its price.
My primary count is speculating gold is in an expanded B wave correction on super cycle degree for grand super cycle wave 2. B wave can travel 1.618 fib expansion, which will be around $3100 before the downturn starts. We should also see another dip for wave 4 of intermediate degree, back to around $2200 area before starting the final wave up. The whole thing can take another year and a half to play out, given the price rise is so slow. Only if Price crosses $3200, I will switch to a much more bullish count. Until then, I speculate that de-dollarization and unprecedented interest rate hike by BOJ along with big money and sovereign nations putting money in BTC, can crush gold demand and its price.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.