Many of those Perma gold bulls always talks about how the US dollar is going to crash and burn sending gold to the moon once again. We just had a very small example of this as the violent swing north followed by a violent swing to the south. What if this was just a correction and the US dollar heads north one more time?
Again, this is where one has to be good in catching a falling knife to take advantage of any Elliott Wave trading.
We could also be on a 5th wave diagonal where the US dollar still needs to clear the 100 price level.
I see this move as a potential "ABC" crash so a complete retracement would work just great. At a minimum the 96.800 would confirm we just had an "ABC" crash.