Harmonic Trading with The Phoenix Message Board

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Strategies & Market Trends : Harmonic Trading with The Phoenix

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To: the-phoenix who wrote (102)	11/26/2002 11:46:11 AM
From: the-phoenix	Read Replies (2) of 941

Here is a longer-term view of Gold: share.esignal.com The XAU had a strong rally starting late last fall, which turned out to be the last leg of a large weekly Bearish Butterfly. The resulting selloff nearly brought it back to the multi-year lows seen in October 2000 by July of this year. It may now be in the process of completing a smaller Bullish Butterfly that would retest the November 2001 lows. This could launch a major rally within a few weeks. From an even longer term viewpoint, the large consolidation since the recent highs at 89 could be viewed as the Handle of a large Cup with Handle Pattern that starts at the October 1999 top. This would also be bullish for Gold.

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