Gold long term (AUD)...Note that the notations are not wave...

Gold long term (AUD)...

Note that the notations are not wave counts.

Retracements have not broken the 50% level but there is some very neat geometry in place and the rally can be interpreted as a five wave structure.

Viz the top is equal to both a 137.5% extension of the first leg up (point 1) and a 100% extension of the higher double bottom (point 3) in the last leg up.

Also important imo that the breakout above point 4 didn't hold.




zooming in a little...

target for retracement of the downtrend is at point 7




NCM weekly
First thing is that if it's an indicator then... neg divergence.
Second thing is that the recent $37 high also carried some very neat geometry:
- 13 week counter trend... (note how many 12 or 13 day counter trends were thrown in the previous decline from 40 to 16)
- recent highs at 35 and 37 were near enough to exact 100% extensions of the 17 and 18 dollar lows




daily next...

It fell out of it's tree at 32.50 and rallied back to that level yesterday. If the long term trend is still up then the recent lows and the lower trend channel will need to hold but I doubt it... especially given that that the first leg down of the bear broke well below 50% of the high price and the PE ratio is up in fairy land