Dan Norcini has posted (just shy of halfway down with the scroll bar as the site stands at this moment) his chart going back to 1970 of inflation adjusted gold. Assuming gold follows the same pattern it looks to me that both wave 1 corrections are in and we are about to enter the last noticeable correction in gold on a chart of this duration. Even this correction will probably be measursed in weeks or months. From there on it is for all practical purposes vertical.

Check the chart out (it is the second of the two) and see where you think we are on it.

P.