As I’ve suggested in today’s tout for December Gold, we should keep our focus on the lesser charts while this somewhat nasty correction plays out. The bounce pattern shown is analogous to the one presented in Gold, except that it has already broken beneath its original point ‘C’. The new point ‘C’ seems likely to get hit as well, but for now it’s all we’ve got to project an upside midpoint and ‘D’ target. They lie, respectively, at 41.270 and 41.990. If the futures chop lower, you can adjust ‘C’ accordingly until such time as ‘A’ is breached, That would create “dueling” impulse legs of minor degree, muddling the short-term outlook.
