F - with usd generally pumping hot Bull this week a lot of pressure on that falling Gold price .....For historians, a 1000 years from today if Earth is still around can get a load of Fibo at work in Gold 1H. Can Fibo turn out to be wrong? Do birds fly?
But this is the way I see it:
From the recent $1566 high we have a 3-wave move down marked as a-b-c. That completes Wave A down. Now dig this: wave c is exactly equal to wave a. i.e. c = a. Why is this such a big deal? Because in Wave Technology, equality is the most common occurrence, then comes 161.8% and the higher multiples all the way upto 423.6%.
But wait, historians, it gets better, way better.
See the big traingle that came after this move down? Triangle is shown as 5 legged, i.e. a-b-c-d-e. That therefore completes the larger Wave B. So now we have Wave A down from the top, then wave B sideways. What must follow is the killer wave aka Wave C down.
That's why I was concerned for new_trader and malaguti. These dopey cats don't got a clue what they are up against.
Historians, now have a look at the extreme right side of the chart for the markings in olive of Wave C down. To do this I took the grid as origin of drop (Sept. 5) down to Wave A low and then to sub-wave "e" which is the completion of wave B. The wave it gives me is the expectation for Wave C which as pointed out will most likely give equality, but it could go further to 161.8% or some other funky subdivision. this gives $1420 as a tentative target for gold as per wave relationships. I also have $1414 as yet anohter target by a different method.
Historians, now dig this: do you see the 2 small mini rallies that occurred yesterday and the one occurring today? They are off the 38.2% and 61.8% FIBO level of the very same Wave A-B-C grid.
Sheer f****** poetry to Fibo. Right or wrong overall I have already called a good portion of this move. If failure occurs in getting to equality, heck I will see it because Goldie would have to take out the 261.8% resistance and any future trendline I will draw.
The expertise of fibo is downright shocking!!!!!!!!!!!!!!! Bound to infuriate the core 30 T2W engine
God, do I love it so!!!
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