![\"20160211](\"http:\/\/goldtadise.com\/wp-content\/uploads\/2016\/02\/20160211-gold-voom-1240-ABCPD-DONE3.png\")
<\/a><\/p>\nLooking at pitchforks instead, the blue one has a target around $1245 at the upper parallel, see chart below. Gold already hit $240 today 11 Feb 2016,\u00a0so maybe that is close enough, now backed off a tiny bit to $1238. One might expect a pullback from the top of the blue fork – it could even retrace to\u00a0the bottom line at $1080 or the median line at $1165.<\/p>\n
The faint green pitchfork median line was at around $1220 and that has already been surpassed.<\/p>\n
If this move does not stop at $1245, then it is a runaway impulsive move. The large pitchfork tops out around $1390, almost equal to the early 2014 high – check the top right and top left of the chart below. That would again make beautiful symmetry:<\/p>\n
I would like to note the almost complete ignoring of horizontal resistances at $1180 and $1191 in these upside moves, although there was a pullback to $1180 out of courtesy, one might say. The median line of the blue pitchfork ($1165) is where the fastest part of the upmove was and that is not atypical.<\/p>\n","protected":false},"excerpt":{"rendered":" I was looking to see if $1180 held on gold after the $1201 high. I thought maybe that would be the perfect correction target. It was (so far) and that is just so right in order to feel bullish. Now … Continue reading <\/a><\/p>\n