we are in the blow off phase. fundamentally all the stimulus has caused the economy to overshoot the mark and it has to eventually return to the mean. using fibonacci levels we should see a rise into the blue box before we move to capitulation. all being said, the government may intervene but for now we will see much wealth eroded away.
have to keep adjusting the resistance line of the wedge but this should be about as much as we can go.
see chart. A couple of resistances to get through.
see chart. long term red line = mean. expanding megaphone pattern. but then again who knows what happens with all the money printing going on
buy if it breaks horizontal resistance and todays high.
see chart. one recent fake out and a number of attempts to get out of the historic range.
price in the blue range bouncing off the yellow range. Lower high set in showing a change of momentum. Watch the strengthening AUD against the USD which is what is lowering gold prices atm.