Pullback Commencing ?
I’m no cycles expert, but Norvast and others are calling for the decline into a daily cycle low now. The first thing we need to do is close below the inclining support line, then a close below the 10 day moving average would fit the bill. After advancing $180 in 10 days, this would be very, very welcome. In fact, a rapid drop below $1923 (or was it $1917 for spot price ?) would give us a monthly close below the previous all-time high and help with the chartology, in terms of working out where we go next (more on that after tomorrows close). Remember, many miners recently broke out of long term downtrends and it would be great to see lots of back-tests. That would be a perfect, brilliant, amazing opportunity for anyone wanting to get in and just hold for a few years, with no thought of trading dips.
Wait? It CAN’T go on up forever? #dreambroken
Man… will we ever catch that mythical creature called 2k gold? Sooo close.. once again…
I really hope we drop $200 here…
Check with your cycles expert. This likely is not the end of the intermediate cycle as that would end with a left translated daily cycle. The current daily cycle is very right translated and is late to find it’s DCL. Therefore this correction will likely be quick and shallow. The next daily cycle should make a new high and then may turn down by day eight.
PK Knows.
I too, am expecting a more muted correction here and a much bigger one late (maybe to the main ‘cup’ support down below $1700). A touch of the 10 day moving average seems reasonable to me though, or a short spike below that…