Ken, this market is durban deep in doo doo -gg-
ok, here is agent beara's super bullish metals theorem,maybe and x-file, could be outta this world -g-,
the first leg up in the xau, was a five wave upmove into december 22nd, then the falling wedge into mid february, that was followed by a five wave upmove, which brought out all the gold bulls - brought rydex gold fund to asset levels seen at other tops, had a temporary breakout, got a picture of the xau on security traders, the candle sticks at the top of the rally looked like so many other fakeout rallies in the bear market, but now the rydexers have disinvested back to asset levels near the october bottom.
My thinking after seeing those sticks is that this rally from october is that we had another countertrend bear rally, the super bull theorem, is the recent five wave upmove from mid february was the first leg up of wave 3 in the xau upcrash, we just finished the abc corrective wave 2 yesterday and now we should be in the meat of the rally.
and that little triangle on durban is the right shoulder of an inverted H&S pattern, which is at the bottom of a three drives falling wedge from october 98.
we will soon know if this thing is gonna take a ride on the tilt-a-whirl.
stockcharts.com[l,a]walayymy[pb50!a.9!a1.2][vc60][iUb14]
i posted that bond chart of teresa lo's a coupla weeks ago showing a test of the top, in bonds on a diagonal wedge after a momentum peak around the first of the year,
bondz are sucking, equities are sucking,
gold should start to unsuck about now -g- |
