Replies to post #3549 on 123Tom's TA study group

[123tom]

The final downwave to the 255 Bottom in 2001....

it took 5 years to play out.from 1996 to 2001. (the current downwave from 2011 to 2016 was also 5 years.

The Fibonacci targets got hit back then like they do now.

As the bottom developed, with rallies that finally broke above and held above the key moving averages (20ma/50ma/200ma) Golds first target zone should be around the Resistance and 50% Fib retrace at 330-340 area
In 2002, the first rally wave reached the 330 target area.and began the uptrend that lasted 10 years.