While gold (GLD) remains in the channel presented here, the corrective move does not appear complete.
We’re using a daily (close) chart of GLD to show the current “a-b-c” correction unfolding.
The corrective wave labeling in lower case letters, takes its cue from Elliott Wave analysis.
The solid line marks an axis line already defined by price action.
That line (~177.50) just so happens to be a 38.2% retrace of the entire GLD move (from the August 6th high) as well as 61.8% of the distance covered by wave “a” (when measured from wave b).
The wave “c” of a corrective move tends to mimic a Fibonacci length of the initial wave “a”
Typical wave c lengths (of a) are 38.2%, 61.8% and 100%, or equal length.
Empirical observation has shown “c” wave distance of 50%, usually moves on higher to at least 61.8%.
From a timing standpoint; Fibonacci 13, days from the November 30th low, is December 16th; Fibonacci 21 days is December 29th.
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