Goldtent TA Paradise

ABX : THE ELEPHANT IS IN THE ROOM !

1. Graddhy says:

   October 8, 2016 - 9:28 am at 9:28 am

   Nobody needs to be shoot here yet I think.

   As I see it, it is just making a hard BT of the neckline of its massive inverse h&s while testing the MA200 one last time. Se my chart of ABX.TO here:
   https://goldtadise.com/?p=382578

   It can also be seen as one of the many FBOs I see right now:
   https://goldtadise.com/?p=383264

   • Fullgoldcrown says:

     October 8, 2016 - 9:42 am at 9:42 am

     Graddhy…with all due respect…we cannot ASSUME a FBO

     an FBO is only verified after the breakdown reverses and goes back up into the pattern

     Until then a breakdown has to be considered valid …most are NOT FBOs

     Does this Chart Not give you Pause ?

     I have been Bullish until now BUT…this Elephant cannot be dismissed out of hand

     Regards

     Fully

     • Graddhy says:

       October 8, 2016 - 9:55 am at 9:55 am

       Of course we can assume an FBO, I can guess that that is what it will be. I am not saying that that is what it is, I am saying that that is what I think it will be.

       Most charts we post is about what we think it is going to be before the formation is confirmed.

       And correct, most are not FBOs, but this time I do think it is and that is why I posted this it at this time.

       Every pattern is verified first when it plays out, agree. I am just talking about what I t-h-i-n-k is in the making.

       Not dismissing anything, just saying what I think we are soon looking at here.

       • Fullgoldcrown says:

         October 8, 2016 - 10:02 am at 10:02 am

         Understand…but there is a philosophical difference here

         I believe we need to respect a breakout and trade accordingly …especially a picture perfect breakout with a gap and volume as many of the PM Miners have shown

         For me the question is..What is the Point of following Chartology IF the Chartology is ignored

         I think this chart argues to at least lighten up longs on a bounce for a backtest IF Mr Market is so kind

         Then IF this proves to be a FBO…one can come back in when confirmed ( losing a few points of course)

         • Graddhy says:

           October 8, 2016 - 10:15 am at 10:15 am

           That sounds reasonable and probably good advice for many lurkers here. Thanks.

           As always though, we post out of our own analysis and mine says I am looking for a turn here.

           One´s actions also depends on e.g. if one thinks we are in a resumed bull market or not. And if one thinks we are in a resumed bull market, one also has to e.g. take the decision to either trade it or not trade it.

     • Graddhy says:

       October 8, 2016 - 9:57 am at 9:57 am

       With assume I mean that one can presume, not take for granted.

2. Plunger says:

   October 8, 2016 - 12:51 pm at 12:51 pm

   Fully,
   Don’t we always also offer actionable advice with the chart?
   I assume that would be to head straight for your bear lair and go back into hibernation?

   • Fullgoldcrown says:

     October 8, 2016 - 5:02 pm at 5:02 pm

     Flattish until this pattern is negated ( above the neckline)

3. neildavis2002 says:

   October 8, 2016 - 3:03 pm at 3:03 pm

   Just a few technical points to offer. I calculate the H&S PO to be in the 10 – 12 dollar range depending on if you use percentage or straight dollar amounts. ABX bottomed in September 2015 at just under 6 bucks a share. So if the retrace is as severe as the H&S is threatening, i don’t see it as the end of the bull, but as a much needed shake out of weak hands who managed to bid this thing up almost 400% in less than a year.

   • neildavis2002 says:

     October 8, 2016 - 3:14 pm at 3:14 pm

     Sorry, I meant 300% in less than a year. Also, think about it this way: even if it reaches the PO, it will still be up almost 100% from the bottom.

4. Tbone says:

   October 8, 2016 - 3:12 pm at 3:12 pm

   Take precautions by all means… it’s a pretty chart, you have to admit.

5. Peppermint Patty says:

   October 8, 2016 - 4:53 pm at 4:53 pm

   Wonder if they have gone back to their forward hedging sales again? Hmmmmm!