Using the previous halvings, I projected "Days until ATH" and price (in %). This conclusion would hinge on historical data being reliable and constant. The current correction does NOT look like a blow off top to me, but rather some of the brutal corrections in previous cycles that preceded new ATHs.
Thesis: Market structure for Gold is playing out similarly to the 2008 crash of the S&P500. With the FED rapidly increasing QE, it makes sense that the S&P 500 will see gains for the next year or two, and gold will continue to bleed until we reach an overall market top. From that point on, I expect a huge bull market for precious metals (GLD & SLV).
Given that the order of magnitude increases, as well as market cycle length both remain constant, our blowoff-top of $318,000 USD could come as soon as December 2021.