After an impulsive five-wave sequence up of the cycle degree in September 2011 , Gold is likely to correct in a three-waves sequence(or a variation).
An explanation of the ongoing Gold’s bear market :
The ongoing five-wave sequence down from the peak in 1923 , which up here has lasted 42 month, may be just as an initial subsequent of the great correction of the same cycle degree. It could be considered as the wave A of the primary degree.
In a bearish view on the monthly chart frame, the fifth wave of the five-wave sequence A(circled), may be extended to lower levels.
Based on the bearish view, the expected fibonacci targets for the wave (5) of A(circled), could be considered on the 950 level where is equality ratio with the first wave, and 886 level where is 0.618 time of waves (1) through (3).
The ultimate target for the bear market, could be in the span of travel of the previous fourth wave of the primary degree, around the 398 area.