New Format 28 March
The big picture;
The top black line is the extreme target resulting from a breakout of the line below it.
The line on the right is the time line, so the extreme could take upto 2058, and for the ideal wave another 26 years to 1947.
For 2016 cyclical support and resistance stands at :-
Yearly: Resistance starts at 2088.25, followed by 2637.34, with support at 758.98, and still valid is 359.70, however once Q4 is confirmed this will be revised. The trading range extremes for 2016 on the Yearly fractal are 2088.25 and 758.98.
Quarterly: Resistance stands at 1348.62. Support is at 894.62, 838.70. The trading range extremes for 2016 on the Quarterly fractal are 1348.62 and 838.70.
Monthly: Resistance stands at 1307.90, and support is at 973.70. The trading ranges extremes for 2016 on the Monthly fractal are 1307.09 and 973.70.
Due to the nature of fractals the smaller fractal range needs to be met before the next bigger fractal will be met, hence expect the monthly numbers to be met first, followed by Quarterly.
Pivotal resistance starts at 1392.08, 1795.9 and 1920.94. Support starts at 1044.75.
From the monthly fractal the bottom is projected for 2017, just below $900.
Expect prices to bounce at support levels, without breaking the resistance above before continuing down.
From 14 January 2016. Gold has an opportunity to make a low this year 🙂 good for the gold bugs because they have been wrong for oh so long!
How low??? At best 906 on the Q012SP MLU to Q3 MLL! The gold oval shows the target area confirming this correction will be over no later than the end of 2019, and most likely around the 800 level.
Below are the projected lows for through 2019 and resistance.