Gold headed back to bull channel from 2016

Clear break of 1220 and the bull flag from the bottom at 112x.

I think we are in wave 3 of 5 after the ABC correction and will have a symmetrical recovery back into the bull channel from 2016. In bigger picture I think we are in wave (iii) of (v) which will eventually take us 14xx+

First TP is around 1246 which is .75 quarter Fib from recent highs, and also the .5 Fib from the 2016 highs (not shown here).

Ultimate TP around 132x

Invalidate this idea if move back below 1195.

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I may have drawn my 3 a little too low on this move. Perhaps closer to daily sma200 is more appropriate.

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Updated wave targets. We may overshoot on (5), but I like the intersections of TL and the wave targets

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Updated Wave targets

I got the idea for the length of wave 3 from the total length of (i). Same length. Check pink dashed TLs. I copied the TL and increased slope (dark blue dashed) to approximate TP for wave 3 of (iii). I believe it will be extended (3) with short (5). i got the idea from the daily which looks like it wants to put in similar waves on daily bars