Loading ...Some symmetry I don’t really like.
Here is another gold pitchfork that has some nice touches on it including the recent high close at $1246 last Thursday:
There is some symmetry around the orange fork that might suggest another move down before this is over. Symmetry is not so good as you get to the middle but it’s reasonably elegant apart from my scrawls. The “1”s and “2”s are very similar in nature and I have marked the possible next downmove and its twin as “0” in the chart above.
This is a kind of action/reaction line analysis but I think that actually much bigger action/reaction lines are in play. I was going to try a drawing of those but laziness have so far prevented me. In fact I did have a go at this in 2013/2014 and it hasn’t changed much since. The action/reaction lines that I tried in late 2013 gave a target almost exactly the same as Goldman’s $1050 target at the end of 2014, not quite reached until a year later but still…
If the price action stops at the lower fork line; that would form an IHS pattern?
Yes, especially if it stops at the lower line at the blue fork near $1100.
Correct. I have maximum lows of 1103-1123.