The answer to your questions is yes, NG still has a possibility of seeing OML under $2463. While I don't think it's probable there is still an outside chance that the low I called was the bottom of the 3rd wave and not the 5th.
Mitch I decided to answer your question without any charts so everyone understands where I'm coming from. First what I'm about to say has not changed from my original call several months ago but the timing is now a little more clear IMO>
1. Over the next few months I think gold is still targeting over $1300 and maybe even as high as $1380.
2. I also think that gold still has OML before this correction is complete and it'll follow the next high over $1300.
Here's the problem that we're having with gold. Right now the chart is bullish and I'd argue with anyone that doesn't think it is. As a matter of fact unless 1158 I'm not even considering additional downside at the moment.
Now I'm going to put this out there even though it's not my primary expectation because it is a viable alternative. With everyone looking higher, including myself, I'm tracking a LONG TERM BOTTOM that will end the three year correction and we could see it within the next couple of weeks. Again this is not my expectation but if we see a near term bottom between $1118-$1083 it will complete the downtrend and start a multi-year bull run.
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