The 2011 peak in XGD is my Cycle degree top which ended not with a five-wave count but a “C” wave in Primary degree. That 2011 peak also matched the first peak in solar cycle 24 which is not some coincidental event as 1980 was the peak in solar cycle 21.
In late 2015 XGD started to bunch up and then exploded in a near vertical move after which XGD imploded again but has now had another bottom in 2018.
A couple of trend lines will give us an early possible target if this 5 wave run has any legs to it at all.
Either way, it’s impossible to pinpoint any exact top as we could get another huge double top pushing this wave count to the limit.
The question that every bullish investor eventually has to answer is if gold stocks are in a real bull market, and not just another bear market rally?
My “A” wave bottom in Primary degree gives readers a clue
I don’t have a good Gold/Xgd ratio started but I will try and do some more back checking at major turning points to get a few more max and minimum readings. We are at a Gold/Xgd ratio of 100:1 and we want to see that ratio compress as this bullish phase of the market progresses.