Gold corrects at channel top - wave (IV) underway

The recent blowoff top in got scored a direct hit on the $1917 Fibonacci Extension of wave (I).

It has also reversed from the top of a multi-year rising channel previously identified here. 

Looking forward, the 200 day moving average, which has provided a measure of support throughout the past bull market provides support. It is currently at $1480 and rising.

The $1500 area is also the 38.2% retracement of wave (III). However wave (IV) is often known to retract 50% of wave (III), which would put the bottom of wave (IV) at $1380.

Naturally, I would expect the "hot-money" flows into Gold to have panicked-out at the prospect of further declines by then and would look to it as an excellent buying opportunity.