Unfurl August Gold’s 480-minute chart and you begin to understand why this now seven-week-old correction is taking its sweet old time.  A clear bullish pattern projecting to 1582.70 took fully nine months to play out, culminating in an early-May spike that begged chastisement. We note as well that the actual high at 1577.70 fell $5 shy of the predicted top, auguring a period of penance more prolonged than we might have expected if the target had been reached or exceeded. The shortfall, slight though it was, will require us to pay particular attention to downtrending abcd correctionss, since bear markets typically begin with a missed rally target of intermediate degree.

In this case, however, the first significant pullback turned from within less than $1 of a key midpoint support — exactly what bulls might have asked for if they were looking for solid evidence that the selloff was “healthy.” Since then, we’ve witnessed a strong rally in May, followed by the stagnation of “dueling impulse legs” since. Such price action demands cautious bullishness and, on the lesser charts, attention to details that eventually will either confirm or refute our still-bullish outlook for the long-term.

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