This also has the SAME target as the IHS chart with a price objective of $20 for the right shoulder…As I have been pointing out also, the very distinct negative divergences are VERY serious for the bulls…
Anyway, looks like the gold chart. The downside target for the gold megaphone looks like a revisit to around $1050.
That does not mean that I think it is going to happen. Right now, I am as unsure as I have ever been.
I am thinking that gold is 900 in GBP. That has not been true since the mid-2013 post crash bounce. For me, 800 was the line in the sand between bull and bear markets in GBP sterling gold. It looks very tempting to offload some fraction of any gold position at 900 GBP incase of a crash after a no Brexit vote. 900GBP/oz would buy a lot of mining shares somewhere down the line.
I am little bit confused by the forex tribe link because the article says he is illustrating a broadening top and a broadening bottom but really there are 2 broadening tops since the lead in to both is an uptrend.
I see your post on GLD which has a horizontal lower line.
With gold itself, the lower line angle does not seem that well defined but Mark drew it as downsloping.
It’s confusing because it seems that it can go either way, up or down, continuation or reversal but I suppose a nimble trader could play that pattern as it forms, whichever way it goes. That’s not me!
Correct me if I’m wrong: don’t these obviously bearish patterns usually fail in bull markets? Didn’t we see this pattern time and time again in the S&P only for the pattern to fail?
This also has the SAME target as the IHS chart with a price objective of $20 for the right shoulder…As I have been pointing out also, the very distinct negative divergences are VERY serious for the bulls…
pattern will become more obvious by Wednesday
Megaphone … MEGAPHONE?!
Anyway, looks like the gold chart. The downside target for the gold megaphone looks like a revisit to around $1050.
That does not mean that I think it is going to happen. Right now, I am as unsure as I have ever been.
I am thinking that gold is 900 in GBP. That has not been true since the mid-2013 post crash bounce. For me, 800 was the line in the sand between bull and bear markets in GBP sterling gold. It looks very tempting to offload some fraction of any gold position at 900 GBP incase of a crash after a no Brexit vote. 900GBP/oz would buy a lot of mining shares somewhere down the line.
I am little bit confused by the forex tribe link because the article says he is illustrating a broadening top and a broadening bottom but really there are 2 broadening tops since the lead in to both is an uptrend.
I thought that many see it as a reversal pattern:
http://thepatternsite.com/bt.html
http://www.trending123.com/patterns/reverse_symmetrical_triangle.html
I see your post on GLD which has a horizontal lower line.
With gold itself, the lower line angle does not seem that well defined but Mark drew it as downsloping.
It’s confusing because it seems that it can go either way, up or down, continuation or reversal but I suppose a nimble trader could play that pattern as it forms, whichever way it goes. That’s not me!
Correct me if I’m wrong: don’t these obviously bearish patterns usually fail in bull markets? Didn’t we see this pattern time and time again in the S&P only for the pattern to fail?