Loading ...Usd/Jpy, KenS analogy and Gold Weekly
We are about to see the final push up to the top of the channel in usd/jpy before we finally get a retrace. That means gold will get hit one more time at least and then a bear market rally. This ultimately looks like a bull flag to me in Usd/jpy that will break to the upside.
KenS’s analogy, which had a target around 8 GDX I believe, has been absolutely insanely accurate. Every week that goes by and it gets more eerie in accuracy. If we were to stay on the path, the bounces in gold would be far and few between. The target sounds impossible but when you look at the weekly chart in gold then a fall to 950 looks completely plausible. If that chart were on hourly basis, it would be a textbook falling wedge and I would expect one more touch of the bottom before shooting up. It’s my favorite pattern to trade because the thrust out of it is usually very aggressive. Im starting to believe this weekly chart will pan out that way. What that will that do to the miners? The part I’m not sure but they would take quite a hit.
Usd/jpy
Gold weekly
PK. I am glad you are following KenS Pattern of Doom. I have not followed it but it is fascinating . I take KenS word for the remarkable fractal that is playing out so far. And now having you corroborate this its getting even more eerie.
Thanks for your take.
Well we will not have long to wait to see if this pans out. In the next 4-6 weeks as the pattern predicts a drop in GDX to around 16 followed by a small rally. Then GDX to be at 13 by January and Gold will presumably be heading for $7-800?
Good to know Odd Job. This will be interesting to follow. I dont actually believe we would get to $8 since we have already fallen so far but curious to see if we stay on track from a timing perspective.