Loading ...Northstar’s Apical Backtest
Brilliant….I am sure we all hope this doesn’t happen. As our resident Weatherman Says.. it would be Brutal and Demoralizing . Sorta like a Goldbug’s version of Hurricane Irma.
But…it is very plausible . I vote his simple 2 Charts ….Charts of the year !
Here is how this scenario looks from the perspective of that Gold Diamond I was posting.
We have been discussing New Year Lows in Gold here at Goldtent .They are UNCANNY in their consistency …give or take a few weeks…This seems to have been overlooked lately…so I added a cycles series to highlight this.
That’s what this place is ALL about . Passionate Chartists bringing their ideas together.
As the Chartologist Emeritus always says. “The only thing for certain in markets is the Uncertainty”, BUT this chart Certainly looks very doable .
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Added : Warning , the following is mature content Viewer discretion is advised:
Of course there is always the chance that this diamond apex hit will fail and we will have a true mother of all Around the Apex false breakout . In that case the diamond will become a halfway pattern down
Have a look at the chart once more to work out the Price Objective….I get $400 !
Fully the Walmart greeter.
Sheesh !
The suggested move down would be the proper BT to the 6 year now support line, which I talked about in my latest big picture PM post, linked below.
https://goldtadise.com/?p=411879
I would think that if we get this BT depends upon how long the $USD hangs around just below my weekly now resistance line, also talked about in the post linked above. If $USD starts to drop though, $GOLD will probably not be allowed to do this BT. In this post I say that my guess is that we will move into Oct and the next quarter before we get a resolution.
Thanks for your chart Fully. If the apex fails I’ll be beyond surprised – all the cycle analysis is pretty conclusive and pointing to higher PM prices.
I wouldn’t be shocked if this happened. From my experience, breakouts often get backtested. A breakout of this magnitude is surely to get re-tested. And the DXY which has been straight down is bound to have a bear mkt rally. Most likely on increasing expectations of a rate hike in december. Also if the fed gives guidance for 2018 (I havent heard any yet).
Something wicked this way comes.
Interesting to see your chart shows the mid $1300’s in Spring, then $1550 in the Autumn. Looks very plausible, and probably depends just how bad things get in other markets.