Here is my view of the short to medium term: [IMG] At the top...

Here is my view of the short to medium term:



At the top there is a long term down trend which has accelerated twice. The last acceleration I drew the downtrend with a purple dashed line. Also a second peak is forming and I am waiting for a third peak to form to accelerate the down trend even further.

However, at the bottom you are also seeing a long term uptrend that has also accelerated twice. Really, the last accelerated uptrend was broken at $80.50 and we will see the second accelerated uptrend tested and it looks like it will be tested soon. If it does not consolidate then we will see a free fall and the original long term up trend will be tested.

What I like about the chart is that MQG looks like it is trading nicely within a fairly predictable range.

You said you were interested in my long term out look. So I will show you where those long term trend lines originate from.  



My view is that if there isn't an uptrend consolidation in the $65-$70 mark then we will see an even greater free fall bringing in the original up trend into play at about the $30 level. I dont think it will come to this, but the technicals are really good as everything appears to be quite predictable and tradeable.