Gold’s Bottom Is Within Sight

Gold is inside a long-term Bull market. In a previous article published at the Gold-Eagle site  back in September 2020, we pointed out that gold had formed a Parabolic rise that would lead to a corrective decline, one that would be significant. We showed the below chart and wrote, “The problem for gold bugs is that Parabolic rallies usually do not end well.”

We then showed the next chart with a projected downside move from the Parabolic rise, that would be corrective wave (2) down. But this wave (2) down move would be corrective and once it bottomed, the long-term Bull market would resume.

Now here in March 2021, the above chart shows that it looks like gold has nearly completed its wave (2) corrective decline. Gold will soon start Primary degree wave (3) up of Cycle degree wave III-up. Wave (3) up could take gold toward 3000.

For a closer look of gold’s wave (2) corrective decline, the next chart shows a complex pattern that is nearly complete.

Gold is finishing subwave wave e-down of C-down of a Declining Triangle to finish Primary degree wave (2) down. Once complete, a powerful rally should occur, wave (3) up. 

This pattern shows that gold’s correction should conclude at the bottom boundary line, the downside price target around the 1650 to 1675ish range. The upper end of this range has been reached. A bottom may be in. If not, it is very close at hand.

 At McHugh’s www.technicalindicatorindex.com we track the short-term waves that make up these larger degree trends and patterns, and chart them in our forecast newsletters, and have developed several proprietary Buy/Sell indicators that help us identify when the next significant move is starting for gold, silver and Mining stocks, and in which direction the move will develop. We publish these indicators in every Daily Newsletter to subscribers.

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