Loading ...Gold Pendant 2.0 Update
I posted earlier that Gold’s break out of its Pendant would likely tell us where we are with respect to Gold’s Intermediate Cycle. In standard TA, Pendants are often considered consolidation “Half-Way” patterns.
In Bressert’s Cycles we use Trend line breaks to assist locating moves into Cycle Lows, especially for an assets longer term 5-6 month Intermediate Cycle. The next three charts show fractals where my Blue Intermediate Cycle trendiness were never broken and we had less than a 38% retrace often considered the minimum for an IC Low.
I find it ironic that the first two examples below are of the USD during its bull move circa 2014. These are examples of time based consolidation IC Lows which Gold may have just experienced.
Now here is a similar pattern in Gold that makes you go Hmmmm. Has Gold’s Pendant breakout signaled a new 5-6 month Intermediate Cycle here? I believe it is possible but only Time will Tell. 🙂
Added: Similar Pendant Fractal for Gold’s move out of the 2007 Low.
