Analysis:
We continue to rally in wave .v.. Within wave .v., we completed wave ^i^ of *i* at the 1997.20 high and all of wave ^ii^ at 1931.80. If that is the case, then we are rallying in wave ^iii^, which has an initial projected endpoint of: ^iii^ = 1.618^i^ = 2234.50!
It looks like wave ^iii^ is subdividing with wave $i$ ending at 2151.20 and wave $ii$ at the 1973.10 low. We are also rallying in a subdividing wave $iii$ with wave !i! ending at 2088.50 and wave !ii! at 1984.30.
Wave !iii! may now be extending to our second projected endpoint of: !iii! -= 2.618!i! = 2286.40.
We are still short of our next projected endpoint for wave !iii!, so we should expect higher prices in the days ahead.
Should wave !iii! extend further our next projected endpoint for wave !iii! is: !iii! = 4.236!i! = 2473.10.
Our current projected target for the end of wave -iii- is:
-iii- = 4.236-i- = 2531.10!
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: Long gold, with puts as stops!
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