On an arithmetic scale at least, our target of $9.60 or so was pretty good. That was based on an A-B-C where C equals A. Assuming the top was in Nov. it is also possible to count the downward move as 5 waves with an extended 5th wave. Both scenarios would allow for a pop back to the $17/$18 high point of the triangle B or 4th wave. That seems to be a bit high but the speed at which the gold stocks are going back up is quite impressive ( look at G and BRK). The move up from the lows seems to have traced out 5 minor waves, promising more to come. In the big picture people are now once again absolutely sure that QE3 , 4 and 5 are still to come but gold itself may still be doing a 1-2, 1-2. Only a clear break above $1650 would negate that possibility. It is hard to tell but the outcome is not as obvious as the market would have you think.
