I’m going to urge people not to lose sight of the big picture. We’ve still got a breakout from a 13-year cup and handle, a two-year handle. We’ve got the breakout from that. This is just a normal intermediate cycle correction. Price got stretched too far to the upside, and sentiment got too bullish…
Obviously, this correction is not going to be the same as this sideways turn right here. We’ve got some targets in mind that we’re kind of looking for. But right now, this first leg down—I think I’ve mentioned this before—I’m not 100 percent [sure], but I’d say probably 90 to 95 percent of intermediate declines will unfold at least as an ABC movement and clearly, we have not had a B wave bounce yet…
But the real money is going to come once this intermediate cycle finishes its correction, cleanses that bullish sentiment, and sets us up for this breakout move from the 13-year cup and handle to continue higher.
By spring—around April or May—I think we’re going to see gold at or probably above $3000 and I think we’ve still got until at least 2027 or 2028 before this move is finished.
This is just the beginning of a move that I think will take us to a final bull market—likely a parabolic, bubble-type top—over the next three and a half to four, or even four and a half years. So, we are still pretty early in this process. Don’t get discouraged by these intermediate declines.
Read the full article here