If Minor Wave (B) Complete, (C) Will Equal (A) at $595 Cash SpotGold topped August 2011 completing an intermediate level 5 way advance ending at 1,923. It has been correcting ever since in intermediate (Green) (A)(B)(C) with (A) in 5 minor waves and (B) in 3 minor waves (with red B as a running triangle which I believe was followed by a quick thrust C that just finished at yesterday's high of $1,454).
Minor wave (B), where red A equals red C at $1,345 (134.5 in GLD), is just shy of a 50% retracement of minor wave (A). So its a good stopping point.
The price range of (C) should most likely equal the price change of (A). That would give the next minor 5 wave segment, (C), a price target of $595 in the cash market or $59.5 for GLD.
This may be my last free published analysis. If you are interested in learning about my paid subscription, ping me here with an email address where I can reach you.
Good luck!
