Shack...to bullish too quick on those small specs, i agree.
One thing has me bothered about your chart though...
If your count is correct on the hui, the next move down will crack the neckline pretty good, and that formation measures a move to 50.4
My only rational out of this scenario is that gold is indeed in a bull market, where H/S formations and rising wedges break up and out often, instead of making their measurements like they would in a bear market.
I think A LOT of people miss these distinctions... a couple more points i'll take the time to make since it's a weekend, and maybe they can help others...
1) In a bull market, bullish formations should take precidence over bearish formations, and bearish formations usually lead to mild pullbacks and consolidations, rather than breakdowns
2)Opposite for bear markets, this is why the H/S formations that were so unreliable for the last 7 years are now following through and making measurements, and rising wedges are rolling over and setting up into those same h/s patterns...which invariably breakdown (this is happening in tech as we watch again
3)look for, and Draw, bearish formations AT MAJOR RESISTANCE points, not the middle of a move up
4) look for bullish formations to form and resolve AT SUPPORTS... not the middle of a tank, or move down
guess we'll just have to watch and see, ($ means alot to me too, here, on how i play the gold's... as i've mentioned innumerable times<g>)
thx for the chart, hope the weekend is good.
Late... |
