From a monthly trendline perspective, `one could expect strong support at the 50 month moving average just under 3600. Had been expecting more selling this month to test the previous monthly close of three months ago but price has been fairly stable. Historically, finding support at the 50 month moving average typically marks wave 2 and 4 corrective waves. From a wave perspective, it is highly unlikely that we are in a more severe corrective wave that would push prices down to the 100 month moving average. My call is that we are completing a wave 2 correction with a significant wave 3 to follow. Looking at the steady rise of all three trend lines shown, I suggest that the upcoming wave 3 will continue for several years.
Happy New Year
Happy New Year