Goldtent TA Paradise

Gold Chartology

1. BobbyC says:

   April 20, 2016 - 12:10 pm at 12:10 pm

   I still expect a breakout upwards but there’s nothing beautiful about this consolidation pattern which, to me at least, still looks more like a potential H&S than a triangle (except the bit you made into a triangle). One article I read this morning suggested the opposite and there a potential IHS with your 2 as the head, 4 as the right shoulder and the left shoulder not especially convincing.

   • Fullgoldcrown says:

     April 20, 2016 - 12:16 pm at 12:16 pm

     I like the pennant best

     it is drawn Off THE Top point…so to me that makes it valid

     Yes there are dueling H and S patterns there too…BUT

     This is what I am watching as this thing matures out

     KISS

2. DaveintheUK says:

   April 20, 2016 - 5:24 pm at 5:24 pm

   Target on this? Somewhere around 1400? Depends on where you start the original impulse leg of course. I would take 1070-1260 as impulse leg then 1245-1435 as second leg if it is a bullish breakout.

   1435 is the summer rally high (1434)and also the 2010 bull market high on the way up, the rollover top where things started to change ($1432). It would make a good major resistance point. I think the 1380-1430 region might be a little difficult to get past for a while.

   • DaveintheUK says:

     April 20, 2016 - 5:25 pm at 5:25 pm

     I meant: 1435 is near the 2013 summer rally high ($1434)and also the 2010 bull market high on the way up ($1432).