Gold elected the "important" monthly reversal in June. We closed 1,392.08. The Bullish monthly was 1,362.50. (~2,2% above the reversal).
So according to the 1% rule we need to test the 1,362.5 reversal within 3 time frames (3 months, so July, August or September).
At the moment gold is testing 1,500 so it would need to come down ~9%.
I'm hoping it will test 1,362.5 as I would like to buy more but I think it's not reachable.
Where are you getting your closing number for gold? I'm getting 1409.51 as the closing for June.
The 1% rule is odd in my experience. In my "trading rules" I put that if a over 1% rule elected reversal is true during its first time unit, then treat it as a less than 1% rule reversal.
Olegrey, I think you took Friday the 28th as month close? Gold opened again on Sunday June 30, that was still within the month of June.
Spot gold is traded 23 hours a day, from Sunday 10pm GMT through Friday 9pm GMT.