Loading ...Chartology Amazes
I am a long time Student of Rambus and his Chartology and it never ceases to Amaze.
IF Gold has a pulse …it should bounce here.
However there is a Potential Head and Shoulders pattern building.
Silver Weekly…also Perfect Symmetry BUT it better not fall below this line.
Bull or Bear you have to admire this Symmetry.
Impending sense of doom. Somebody breathe some life into this dead body.
Golden cross just happened! When price plunged? What does it mean? Most if not all golden cross happened after prices have risen, vice versa with Dead Cross
What is a ‘Golden Cross’
The golden cross is a bullish breakout pattern formed from a crossover involving a security’s short-term moving average (such as the 15-day moving average) breaking above its long-term moving average (such as 50-day moving average) or resistance level. As long-term indicators carry more weight, the golden cross indicates a bull market on the horizon and is reinforced by high trading volumes.
50dma crossed
100dma Feb 27 – March 10 then up $100
200dma April 17 – May 3 then up $100 to 1335?
Note length of time
I think they sit on the fence till the sunday French election now. Cannot trust the pollsters or the news so methink its’ the opposite of what they preach for the outcome.
Tonight at the Presidential Debate Marine Le Pen looked completely lost ! This time the Establishment’s candidate will win !
Could signify more pain for Gold and big party time for Stock Market…
FYI, these are not H&SH patterns. True H&SH patterns are actually very rare.
First of all the right shoulder is waaaay too high.
Second, H&SH patterns are reversal patterns. There has to be a prior uptrend before the H&SH pattern. Now you can get continuation H&SH patterns like Gold from 08-10 but they are very rare.
With that said the larger picture is bearish and ominous.
Hi Jordan…I respectfully disagree with the text book. Rambus work shows that any pattern can and does break eithr way and Continuation H and S Patterns are no more rare than many other common patterns. I know this is not textbook BUT Rambus has a plethora of posts on his sidebar in a category called “Timeless Tutorials” where he shows for example MANY Bullish rising wedges and or Bearish Falling wedges…in fast moving markets.
As You Know a Pattern is nothing more or less than a consolidation of a previous move OR a reversal
These Here patterns have not broken out yet but if they do and they certainly can…they would be continuation paters
For sure there are no reversal patterns here yet.
In summary. I do not attest to the textbook mantras assigning probabilities of pattern breakouts. Any Pattern once identified can go either way …BUT most (75%) or so are continuations .
I remember in 2012- 2013 Rambus was calling for a massive drop in the PM Complex based on an obvious H and S Top in the HUI et al….It was criticized by the TA community because it was TOO Big to be valid…ie took too long to develop or some such
Here is the post ” too Big to Fail ?”
https://rambus1.com/2013/02/22/precious-metals-stocks-too-big-to-fail/
RespectFully