Loading ...Inverse H&S on Gold and Silver
A hat tip to Rambus for pointing out these inverse head and shoulders patterns on gold and silver, but I never realized how nice the pattern was until I looked at it myself. I can’t believe how symmetrical the necklines are with the shoulders. It’s uncanny how perfect it is. I find it interesting that the flash crash in silver back in July that nobody believed was real actually made this symmetry a reality for old Bob.
My opinion: I see the necklines breaking in early 2018, then a nice neckline backtest in the spring/early summer, and then to the moon after that. I’m not an expert, just being optimistic. Buckle up folks.
Great Charts Neil….Its as if Mr Market wanted a Picasso and painted that phantom spike
I’m no expert either but you don’t have to be an expert to see those necklines are sideways to down until there is a BO of those NL’s. Don’t get me wrong I’m bullish long term but the trend does appear sideways at best in the near term IMO. I got full my full exposure to PM’s at the moment but I’m still not a true believer for what it’s worth. Silver is the drag and it may be coming up into resistance at $16.75 – $17.10 range first week of Jan 18, a 50% Fib retracement off Dec 2016 lows aswell as support/resistence for all of 2017.
I understand your point. At least you have a position in PMs before the breakout occurs.
Agree Red Label…could be a while….need a catalyst…..maybe this
https://www.investing.com/currencies/btc-usd
Thanks for the charts Neil. Silver may be a drag, but the silver miners are off to a good start, which might be the hint. Next couple of weeks could resolve it.
Gold 1600 and Silver 24.00 measured targets ?
Depending on how you measure it the targets could be even higher. You appear to be using a linear calculation. A percentage based calculation would give you a higher target.